Partnership brings the Bank, big business and public sector together to tackle Net Zero challenges
Partnership brings the Bank, big business and public sector together to tackle Net Zero challenges
The UK Infrastructure Bank welcomed members of the Prime Minister’s Business Council to Leeds as part of a new partnership which will help Local Authorities speed-up the rollout of crucial local net zero infrastructure projects.
18 November 2022
Leaders from the public and private sector gathered in Leeds to discuss the new Local Low Carbon Accelerator (LLCA) partnership which, as one of its first projects, will help to provide energy efficiency improvements for homes in Leeds.
Through the LLCA, established by a sub-group of the Prime Minister’s Business Council, UKIB will work with Leeds City Council to deliver a major retrofit scheme which is affordable and more accessible for homeowners in the city.
Improving insulation in poorly insulated homes through retrofitting helps to reduce energy usage by minimising the amount needed to heat your home.
The LLCA, formed by Lloyds Banking Group, Octopus Energy, Shell and National Grid is part of the Prime Minister’s Business Council (PMBC) and aims to bring the private and the public sector together to help speed-up the delivery of schemes to reduce carbon emissions, improve energy independence and also boost regional employment and growth.
Through the LLCA, UK Infrastructure Bank will provide expert advice and support to Leeds City Council helping to find the most effective way to finance and structure the major retrofitting scheme.
John Flint, CEO of the UK Infrastructure Bank:
"Retrofitting will play a crucial role in improving energy efficiency and achieving net zero.
"However, there are often hurdles for Local Authorities in delivering these projects at scale such as high upfront costs or supply chain issues.
"The Bank is therefore pleased to be able to be working with Leeds City Council and the LLCA in helping to deliver these important energy efficiency improvements to homes across the city."
Tom Riordan, CEO at Leeds City Council, said:
"We’re delighted to be working with the UK Infrastructure Bank to explore new opportunities through public-private collaboration to scale up retrofit initiatives and enable more people to enjoy the economic benefits of the net-zero transition."
Mr Flint, along with Lloyds Banking Group CEO, Charlie Nunn, Octopus Energy, Greg Jackson, Shell UK Chair, David Bunch, Chief Strategy Officer National Grid, Ben Wilson and CEO Leeds City Council, Tom Riordan, visited homes in Holbeck, Leeds to see and hear first-hand the benefits and challenges of delivering retrofit upgrades.
Separately, the Bank is also working with the LLCA and Liverpool City Council to provide advice on structuring finance for new zero-emission buses.
Providing support and advice to the public sector is a core part of the Bank’s mandate set by the UK Government.
The Bank’s local authority advisory function, whose first pilots launched in September, provides support to local authorities across the country to find innovative ways to meet net-zero targets through financing infrastructure.