Enabling Smart Local Energy Systems: Finance and Investment
We are deploying our capital to accelerate the UK’s progression to a low-cost, low-carbon economy. Our clean energy investments, which include low carbon heat, transport and power generation, will play an essential part in the UK’s solution for reaching net zero carbon emissions by 2050.
Alongside other leading investors and local authorities, we shared our learnings to help inform the insight and adoption paper by the Energy Revolution Integration Service (ERIS) at Energy Systems Catapult, which sets out recommendations for national and local government, energy and financial sectors, and the UK Infrastructure Bank, to accelerate progress to net zero.
Key recommendations from the report include:
- Working with local authorities and the sector to cultivate awareness of smart local energy systems, their value and the opportunities they present for people, place and planet.
- Legislation of net zero at local level, giving local authorities the power and capability to develop local energy communities.
- A planning framework to provide guidance and confidence to local authorities to develop these integrated energy solutions.
- Collaboration with investors, policy makers, and national and local government to develop innovative finance mechanisms to combine public funds and private investment.
- Creating demonstrable, visible pipelines of credible local energy projects to investors.
- Developing flexible standard procurement frameworks suitable for smart local energy systems.