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Liverpool City Region to launch £10m Green Investment Fund

Mayor of the Liverpool City Region Steve Rotherham has announced plans for a new investment fund to back renewable energy projects and support the ambition for a zero carbon city region by 2040.

 

Mayor of the Liverpool City Region (LCR) Steve Rotherham has announced plans for a new investment fund to back renewable energy projects and support the ambition for a zero carbon city region by 2040.

Speaking at the New Statesman Northern Powerhouse Conference in Leeds in February, the mayor said: “We are rightly planning for the long-term and a zero carbon future, but we have to take urgent action now. Climate change is real, as are the health risks of poor air quality, particularly for the most vulnerable members of society.

“Across the world, innovative policies like a ‘Green New Deal’ are being discussed because progressives recognise the urgent need to act.

“In my manifesto I pledged to create a Green Investment Fund to help the City Region meet my ambition of becoming zero carbon by 2040. I can confirm today that proposals will go before the [LCR] Combined Authority on 8 March to create a £10 million fund to invest in renewable energy projects and support our shift towards a low carbon economy.

“This extra investment will help us capitalise on [our] existing position as a leader in renewable energy and support more high skilled green jobs in our region.”

Regional leadership

A similar move has also been made in Greater Manchester, which launched a £15 million green energy infrastructure fund in 2018.

The low carbon sector already contributes over £2 billion to the LCR economy, thanks in part to the large concentration of offshore wind turbines in Liverpool Bay.

Last year, the city region was nominated to host a government-funded ‘Local Energy Hub’ to coordinate energy projects across the North West, and in 2017 it revived previously-shelved proposals to build a tidal power station on the River Mersey.