In order to increase the flow of capital into integrated net zero energy projects, the lack of development and financing capacity to turn economic potential into bankable projects needs to be addressed.
EP has secured funding from Innovate UK’s Net Zero Living: Pathfinder Places programme to develop a Net Zero Delivery Vehicle for Local Authorities. Working with Ibex Earth and supported by the Brighton & Hove City Council and Surrey, Essex, and Kent County Councils, the Shift to Net Zero project will develop a financially sustainable, place-focused vehicle capable of attracting the capital needed to reach Net Zero in line with local and national commitments.
EP will build on the work done in 2022 with the Greater South East Net Zero Hub that evaluated local authority (LA) needs for the creation of the NZDV. The Pathfinder Places engagement is now identifying priority asset classes across the four Local Authorities, in order to assess and address asset-specific barriers. Alongside this, definition of best-practice project development approaches, de-risking tools and transaction enablers will enable LAs to begin deployment of the >£35bn of investment identified across the region.
The work will produce project development playbooks, financial and delivery plans and a proposal for a new net zero procurement framework for the NZDV by June 2023. The consortium will then deploy and roll out the detailed end-to-end model of the NZDV during 2023-24, which will be used to mobilise real investments in the selected asset classes. Development of similar de-risking tools for other asset classes will follow in future term projects.
Story by epgroup
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