New partnership to unlock funding to improve energy efficiency of Greater Manchester homes

Greater Manchester Combined Authority (GMCA) and the Green Finance Institute have entered into a new partnership to provide funding for homeowners to improve the energy efficiency owner-occupied and privately-rented homes in the city-region.

The partnership marks a key milestone in delivery of the city-region’s Retrofit GM strategy. Buildings are the UK’s second largest source of CO2 emissions, and Greater Manchester has set itself the target to improve energy efficiency in 60,000 homes annually as part of action both on climate change, and to help residents curb rising energy bills.

While demand for improving the energy efficiency of properties is rising among homeowners, the lack of finance available to make costly improvements such as installing low-carbon heating has hampered progress. The partnership between the GFI and GMCA aims to address this challenge by enabling homeowners and landlords to access new, attractive sources of private and blended finance to fund energy efficiency upgrades to their properties. This will help to reduce energy use, lower utility bills and support Greater Manchester’s drive to reach carbon neutrality by 2038.

Councillor Martyn Cox, Lead for Green City Region and Waste, said:

“It’s clear that the need for action to address the climate emergency is urgent and in Greater Manchester we’re committed to doing everything possible to play our part. A key part of this is lessening how reliant our homes are on high carbon fuel and making them more energy efficient. However, it’s crucial that as we become greener, we become fairer, so people are not left behind. That means making sure people are less reliant on carbon intensive energy at home, whilst reducing their energy bills. This partnership will look at doing just that, and will find the funds and support people need to help them make the changes we need to see.”

Emma Harvey, programme director for the Green Finance Institute’s built environment programme, said:

“Local Authorities have a deep understanding of their residents’ needs and increasingly recognise the opportunities to work with the private finance sector to deliver access to finance for their citizens.

“We are excited to collaborate with GMCA and the market to pilot a portfolio of innovative financial solutions the GFI has been developing since its inception in 2019, demonstrating a new model for local authorities across the UK.”