Progress so far
Net zero 2038
Over £20 billion
in private sector finance
is needed for net zero projects
across West Yorkshire
Progress so far
Net zero 2038
Over £20billion
in private sector
finance is needed
for net zero
projects across
West Yorkshire
At least £6.2 billion in public sector finance is needed to unlock three to five times that amount in terms of private sector investment, for net zero projects across West Yorkshire to decarbonise local energy systems according to PwC.
Our region is home to a diverse wealth of investment opportunities which will accelerate our journey towards creating a net zero region. A detailed plan and collaborative working relationship between the public and private sector will be pivotal in unlocking the potential of these opportunities to help rapidly reduce emissions, champion emerging technologies and create highly skilled jobs.
We have committed over £200 million over the last five years in deploying interventions that contribute to the target and help in delivering our Climate and Environment Plan. We are also developing local area energy plans for West Yorkshire to provide a detailed spatial and temporal roadmap for reaching our net zero targets as well as help identify priority areas, technologies, and projects for investment and implementation.
We have also put forward proposals for a new £250 million capital investment fund for non-transport schemes which will complement the £2.5 billion being spent on transport infrastructure by the Mayor to better connect the region.
Local Area Energy Plans
The Combined Authority is developing Local Area Energy Plans (LAEPs) for West Yorkshire that will provide strategic, place-based roadmaps developed to guide the transition to low-carbon, affordable, and secure energy systems. This will include 4 new LAEPs, following the completion of the Calderdale LAEP in 2024 (Calderdale Local Area Energy Plan Report) which has proved invaluable in establishing the type of project pipeline that will help the district meet its 2038 target. Together these will form an overview report that will provide a plan to decarbonise the whole region.
Net Zero Regional Accelerator
The UK Cities climate investment commission city investment analysis report found that there is a need to create robust business cases and investment models that address issues of scale, longevity, and confidence to attract investment into projects
We have committed £3 million over the last five years through our Net Zero Regional Accelerator programme to support feasibility studies and business case development of net zero projects as well as establish a sustainable pipeline of investment ready net zero projects. This helps to showcase the opportunities and strengths unique to West Yorkshire as well as unlock at least £120 million worth of capital investment across our region.
Strategic climate and environment partnership
Through the strategic climate and environment partnership, the Combined Authority is exploring how closer collaboration with the private sector can accelerate the deployment of interventions needed to meet the 2038 target.
This approach not only supports immediate progress but also lays the groundwork for broader engagement with new private sector partners who share our ambition for impactful climate action.