LEP launches multimillion-pound low carbon growth fund

Elizabeth Fagan CBE

SMEs, public sector organisations, and community groups developing low carbon projects across Derby, Derbyshire, Nottingham, and Nottinghamshire are being urged to apply for investment through the D2N2 Local Enterprise Partnership’s new Low Carbon Growth Fund.

The fund, which is now open for applications, will invest £6.5m in low carbon capital projects to create a pipeline of investable propositions which can be match funded to help the region meet challenges around high carbon dioxide output and unclean industrial practices.

Through the funding the D2N2 LEP aims to support a range of innovative low carbon projects from across Derby, Derbyshire, Nottingham and Nottinghamshire.

Successful projects must be able to clearly demonstrate current or future carbon reductions through carbon sequestration.

Projects awarded funding will be encouraged to support local supply chains, helping to create new jobs and must be able to start delivery in the 2022/23 financial year.

Funding will be capped at £1.5 million of D2N2 funding per project to enable the pot to invest in numerous key strategic investments.

Elizabeth Fagan, chair of the D2N2 LEP, said: “The recent COP 26 UN Climate Change Conference in Glasgow highlighted the urgent need to take action now. The launch of our Low Carbon Growth Fund signals our region’s ongoing commitment to reduce carbon emissions and support the growth of our green economy.

“Investing in low carbon capital projects will support the delivery of our Recovery and Growth Strategy and our strategic aim of delivering the UK’s largest carbon turnaround.”