The North of Tyne Combined Authority (NTCA) is establishing a ground-breaking new investment fund to tackle carbon emissions whilst delivering inclusive economic growth, as announced today, Wednesday 23 June 2021, at the inaugural Green Economy Summit.
The Green New Deal Fund will invest up to £18 million in both low carbon infrastructure and directly into SMEs to support business growth and innovation. The Fund will catalyse investment in green growth, stimulate innovation and enable sector and supply chain growth in the areas of heat decarbonisation, energy efficiency, small scale renewable energy generation and local energy systems, low carbon transport and natural capital.
The Green New Deal Fund will be delivered in partnership with Amber Infrastructure a leading specialist infrastructure investment fund manager with a particular focus and a proven track record in the UK low carbon market, having already deployed over £270 million into innovative low carbon infrastructure projects in the UK. The Fund comprises a £9 million investment from the North of Tyne Combined Authority, with Amber, in its role as fund manager, tasked with sourcing an additional £9 million investment, bringing the total to £18 million. The fund will be operational and open for applications in September 2021.
Cllr Nick Forbes, Portfolio Holder for Jobs, Innovation and Growth said: “A green and just economic recovery has risen in significance not only locally but internationally too. We recognise both the scale of the challenge of moving to net zero and the opportunities associated with green growth. We are delighted to partner with Amber to deliver our Green New Deal Fund, a ground-breaking approach to tackle carbon emissions whilst delivering inclusive economic growth and a game-changing investment in good green jobs. This boldly ambitious Fund is one of the first of its kind. It will invest in the projects needed to decarbonise our region and will support our green recovery by investing in our local businesses to help them access the economic opportunities associated with our move towards net zero.”
Chair of Amber Infrastructure, Giles Frost said: “Amber is delighted to have been appointed by the North of Tyne Combined Authority to establish the innovative Green New Deal Fund which has been created to benefit the people of the region. The Fund is ambitious. It will bring new money to the region promoting economic growth and at the same time helping deliver the Mayor’s goal of achieving net zero. We look forward to a long and successful relationship with the new Fund and all its wider stakeholders.”
The Green New Deal Fund announcement was made today as part of Newcastle University and the NTCA’s inaugural Green Economy Summit. The Summit is part of the region’s preparation for the UN Climate Change Conference, COP26, taking place in Glasgow in November. The half day virtual event brought together global experts, industry leaders, policy makers and community organisations to explore how the region can lead the charge towards net zero carbon and an economy powered by clean jobs and growth.
The NTCA is a combined authority with an elected mayor that was created in November 2018, when Parliament signed off on a £600 million devolution deal bringing Newcastle, Northumberland and North Tyneside councils together in an unprecedented transfer of power and investment from Westminster to the North East. It is tasked with initiating projects to boost growth, create jobs, and create a more green, inclusive economy. North of Tyne Mayor Jamie Driscoll was elected on a promise to support communities in the North of Tyne to create and build wealth, then keep that wealth in the region.
Amber Infrastructure (‘Amber’) is a specialist international investment manager, focused on investment origination, asset management and fund management. Amber invests across seven funds and a number of managed accounts. Amber’s core business focuses on sourcing, developing, advising, investing in and managing infrastructure assets across the public, transport, energy, digital and demographic infrastructure sectors that support the lives of people, homes and businesses internationally.
Amber is headquartered in London with offices in Europe, North America and Australia and employs over 150 infrastructure professionals. Amber’s specialist low carbon focused funds, the London Energy Efficiency Fund (LEEF), the Mayor of London’s Energy Efficiency Fund (MEEF) and the Scottish Partnership for Regeneration in Urban Centres (SPRUCE) have all deployed capital to accelerate growth and investment in the urban regeneration and low carbon sectors on behalf of the Mayor of London and the Scottish Government.
Media contact
Sarah Waddington at Astute.Work – 07702 162704 / sarah@astute.work.