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£100 million in regional development finance is critical to meet clean growth challenge across UK, says Abundance

Wednesday March 28th, 2018

Leading ethical peer-to-peer finance platform Abundance Investment has welcomed the government’s Green Finance Taskforce Report: Accelerating Green Finance in the UK, which has been published today (March 28th).Government Oppotunities

Its recommendations include a Government fund of £100 million in development finance to boost renewable energy and other green growth projects.

Bruce Davis, Co-founder and joint Managing Director of Abundance, which itself has raised over £66 million to fund UK green infrastructure projects, is a member of the Taskforce and was responsible for advising in particular on recommendations for inclusivity and local-authority-led growth (Theme 9). This section of the report identifies that the key issues to address are capacity, capability and commercialisation and makes the following specific recommendations for Government actions in this area:

  • Set up a Local Development Finance fund of £100m, to unlock an estimated £30 billion of potential clean growth infrastructure projects, estimated by the UK100 initiative.
  • Boost demand from public bodies and their pension providers for diverse place-based low carbon investments, to ensure capital reserves and pensions are invested to take account of both long-term environmental or social benefits for local people.
  • Set up Clean Growth Regeneration Zones. These could be transformed with anchor investments in new renewable energy projects linked directly to industrial activity, such as with PPAs, which could be subsidy-free.
  • Raise awareness of green finance opportunities among local authorities, through a series of regional workshops culminating in a conference in the Autumn during Green Great Britain Week.

Bruce Davis said: “The UK is sitting on a goldmine of untapped investments in clean energy and energy efficiency which would unlock the clean growth transition we need to make as an economy and society. If the UK is going to be a world leader in green finance it is important that the benefits of clean growth are felt all across the country. Clean growth means more than clean, secure energy, it means long term quality jobs, warmer homes and healthier communities. The taskforce sets out a clear plan to realise that transition and deliver the benefits of clean growth investments to the real economy.”

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