The British Business Banks regional funds in the North and Midlands of England, the Northern Powerhouse Investment Fund (NPIF) and the Midlands Engine Investment Fund (MEIF), have enabled £50 million of investment to help businesses reduce their carbon emissions.
Both the NPIF and MEIF have collectively supported 45 businesses since their launch towards achieving net-zero carbon emissions, enabling more than £50m of investment, including from the private sector, into small businesses. The total investment highlights the regional funds’ commitment to contributing to the low-carbon and green economy, and driving the UK’s sustainability agenda, particularly during the year that the UK will host the global COP26 climate summit.
Recognising the power of these businesses in contributing to the regional green economy, NPIF and MEIF are working with fund managers, Combined Authorities, Local Enterprise Partnerships, growth hubs and regional stakeholders in the public and private sector to deliver finance from the Funds and private sector investors. It is predicted that low carbon businesses in the North will contribute £2 billion GVA to the UK economy by 2050; green jobs creation across the area is mapped at 100,000 in the same period.
Catherine Lewis La Torre, CEO at British Business Bank, said:
The low carbon and renewable energy economy is a priority for the Bank’s regional funds as we continue with our efforts to support businesses across the North and Midlands to build back better. The economic benefits are clear, with companies in the space making significant contributions to the UK’s GVA and employment rates.
“From supporting innovation and business growth, to expanding geographically or recruiting new people, NPIF and MEIF are here to support low carbon businesses that are taking the UK one step closer to achieving its goals around net zero.”
Roger Marsh OBE DL, Chair, Leeds City Region Enterprise Partnership, NP11 & NPIF Strategic Oversight Board, said:
The North and Midlands are playing a leading role as the UK tackles climate change. With support from NPIF and MEIF, we can harness the innovation and pioneering spirit that powered the Industrial Revolution and build a net zero carbon economy.
“From developing more efficient ways to use resources, to generating clean energy, to innovations that could transform the way we live and work, our regions’ businesses have enormous potential. The low carbon and renewable sector has the opportunity to create thousands of good jobs and revitalise our economies.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.