39 neighbourhoods are featured in a new report profiling opportunities to invest in projects helping UK local authorities reach net zero.
The Cities Commission for Climate Investment has published ‘The UK Net Zero Neighbourhood Prospectus’. The Prospectus provides an overview of the proposals submitted by 39 local authorities that have engaged with 3Ci over the past six months.
The prospectus was unveiled at an event, co-hosted by 3Ci and KPMG, in the blue zone at COP28. Delegates at the event, titled ‘Breaking Finance Barriers in Decarbonising Cities’, heard that attracting private sector investment into cities is essential for achieving ambitious decarbonisation and just transition goals as well as stimulating prosperity.
From Glasgow to Greenwich, Birmingham to Belfast, the Prospectus provides a snapshot of the places chosen to develop proposals as part of the Net Zero Neighbourhoods approach, which looks to create an investable, place-based integrated finance model.
- In Glasgow, one of the neighbourhoods identified is Possilpark. Amongst the programmes proposed to achieve net zero there are the provision of new housing, innovative heating for old tenement buildings and active travel through cycleways. The neighbourhood has a focus on regeneration of key commercial areas which is expected to unlock longstanding developer interest, attracting private investment.
- In Bristol, the neighbourhood of Lawrence Weston is prioritising the retrofit of homes and commercial buildings, investing in heat networks, installing heat pumps and solar panels, as well as electric vehicle charging points. An analysis has estimated the cost of retrofit, low carbon heating and solar PV in this area to be between £219 – £306m.
The team from 3Ci and KPMG is now working closely with the local authorities to refine proposals into investable propositions, with a full pitchbook set for release at London Climate Week in June 2024. The team is keen to hear from investors interested in the Net Zero Neighbourhoods concept and can facilitate introductions to, and engagement with, local authorities.
Greg Clark CBE, Chair of 3Ci, said: “The appetite of our cities and leaders to deliver on net zero remains undiminished. We look forward to working with all the local authorities selected, helping them progress their proposals with the investor community we have established through the Net Zero Investment Task Force.”
Cllr Susan Aitken, Leader of Glasgow City Council and 3Ci Board Member, commented: “The launch of this prospectus is a vital and important piece of work, recognising that cities lie at the heart of delivering on national and international climate change obligations. The Glasgow COP in 2021 was termed the ‘Finance COP’, it is therefore positive that at COP28, through the publication of this prospectus, we are putting the emphasis on delivery. Glasgow is extremely supportive of this initiative and is delighted to be developing its work with 3Ci more intensively to achieve a just and fair transition.”
Marvin Rees, Mayor of Bristol, Chair of Core Cities and 3Ci Board Member, added: “Bristol is fully supportive of the launch of the 3Ci Net Zero Neighbourhood Prospectus. This will not only be good for Bristol’s communities but those across other cities across the UK. The emphasis on the need to see net zero as an investment opportunity, rather than a cost is to be welcomed given the need to seize wider opportunities around jobs and growth, and deliver a just transition.”
3Ci is a partnership comprising Connected Places Catapult, Core Cities UK, London Councils, Key Cities, and Scottish Cities Alliance, with support from the Department for Energy Security and Net Zero and the Local Government Association.
