The Green New Deal Fund, agreed by the North of Tyne Combined Authority, will invest up to £18 million in both low carbon infrastructure and directly into SMEs to support business growth and innovation.
Officials say the Fund will catalyse investment in green growth, stimulate innovation and enable sector and supply chain growth in the areas of heat decarbonisation, energy efficiency, small scale renewable energy generation and local energy systems, low carbon transport and natural capital.
The Fund, delivered in partnership with Amber Infrastructure, comprises a £9million investment from the Combined Authority with Amber tasked with sourcing an additional £9million investment, bringing the total to £18 million.
The fund will be operational and open for applications in September 2021.
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Cllr Nick Forbes, Portfolio Holder for Jobs, Innovation and Growth, said: “A green and just economic recovery has risen in significance not only locally but internationally too.
"We recognise both the scale of the challenge of moving to net zero and the opportunities associated with green growth.
“We are delighted to partner with Amber to deliver our Green New Deal Fund, a ground-breaking approach to tackle carbon emissions whilst delivering inclusive economic growth and a game-changing investment in good green jobs.
“This boldly ambitious Fund is one of the first of its kind.
"It will invest in the projects needed to decarbonise our region and will support our green recovery by investing in our local businesses to help them access the economic opportunities associated with our move towards net zero.”
Chair of Amber Infrastructure, Giles Frost said: “Amber is delighted to have been appointed by the North of Tyne Combined Authority to establish the innovative Green New Deal Fund which has been created to benefit the people of the region.
"The Fund is ambitious. It will bring new money to the region promoting economic growth and at the same time help to deliver the Mayor’s goal of achieving net zero.
"We look forward to a long and successful relationship with the new Fund and all its wider stakeholders.”