The plan will focus on identifying a set of iconic and transformative projects that exemplify the range of opportunities across sectors, environmental priorities and locations in the county. The projects will be diverse in terms of size and the type of financing required from institutional investors, banks, public finance and community finance institutions. The aim is to show how Cumbria can become the first carbon neutral rural county through a credible financing strategy that responds to the needs and priorities of local people.
– IDENTIFY, EVALUATE, ENGAGE AND PROFILE
The project will work through the following steps by the end of 2021:
– Phase 1: Identify transformative projects that can a) build on Cumbria’s core assets of renewables and nature b) decarbonise heat, power and transport c) catalyse community energy d) advance carbon sinks, adaptation and resilience; and e) promote a just transition
- 1b. Produce an ‘Opportunity Map’ will be produced laying out the range of investment needs and opportunities
- 1c. Evaluate the projects against specific selection criteria and select a portfolio that are representative of a range of opportunities to create sustainable prosperity
– Phase 2: Support the development of selected projects (to differing levels of feasibility – depending on their size and complexity) to bring them to a stage where they can be presented to investors.
- 2b. Engage and dialogue with investors and other stakeholders, including potential project developers and entrepreneurs, local and regional government, industry bodies and the local community to refine and improve.
– Phase 3: Profile the projects to investors and Cumbria’s broader community to highlight the positive potential of a green investment-led recovery and lay the foundations for translating the plan into practice. The lessons of the project will also be shared nationally with key groups.