The UK Infrastructure Bank has announced a £17m loan facility to West Suffolk Council to deliver a programme of net zero projects.
The projects include building decarbonisation, solar installations, and electric vehicle fleet upgrades.
Cllr Diane Hind, cabinet member for West Suffolk Council said the loan would help the council achieve its net zero carbon emissions by 2030.
She said: ‘Our net zero fund is about further improving air quality for the benefit of our residents’ health across West Suffolk by driving forward our plans for better electric vehicle infrastructure. And it also means we can power on with our work to support businesses with the free supply and installation of solar panels on roofs, cutting their carbon emissions, saving on their energy costs and contributing income to support the council’s services to our communities across West Suffolk.’
Lorna Pimlott, UK Infrastructure Bank Managing Director, Local Authority Advisory & Lending, said: ‘West Suffolk’s net zero fund is an excellent example of how a local authority can package together a number of smaller net zero interventions into one, bankable proposition.’
She continued: ‘The Bank’s lower cost of finance together with the Council’s innovative portfolio approach, in which it leverages the surpluses from the Solar for Business scheme and energy efficiency projects to support other net zero initiatives, has addressed many of the barriers to investment that can prevent progress.
‘This model has high potential for replicability, and we hope to work with other authorities to adopt a similar blueprint to deliver their net zero ambitions.’
