The Connected Places Catapult is leading a world-first alliance across the UK’s major cities to secure the long-term finance necessary for achieving net zero. The Cities Climate Investment Commission (3Ci) is helping cities to attract public and private sources of financing for a £300bn+ market opportunity for a multi-intervention place-based Net Zero transition.
The Programme is partly funded by BEIS, and is in partnership with London Councils and Core Cities and other UK local authorities aimed at stimulating investment in the decarbonisation of UK cities. Research undertaken by the Commission estimates that currently identified net zero projects in the Core Cities and London represent a £330 billion investment
3Ci is driving a new approach to net zero financing by:
• Innovating new approaches and mechanisms for securing investment, testing and deploying these within the market.
• Accelerating the speed of collaboration between local and national Government, industry and financial institutions by convening partners and promoting best practice.
• Advocating for changes in approach to investment across local and national Government.
Phase I successes:
• Developed a place-based approach using a blended finance model, where revenues from more profitable assets can support those from less profitable
• Engaged with over 5,000 individuals through online events, podcasts, and four highly successful events during COP26.
Phase II, funded by BEIS:
• Defining the business case for securing long-term development finance to support project identification, design and financing.
• Overseeing the production of a strategic outline case and outline business case, to help secure funding from central Government for Phase 3 pilots and technical assistance.
3Ci Work Programmes:
On the ground, 3Ci initiatives will bring business, finance, and local communities together to accelerate change through innovation that is fair to all. We are creating new financial partnerships with fund managers and banks, so they can invest with confidence in local net zero projects. These include the retrofit of homes and commercial properties, the integration of renewable energy, shifts to sustainable transport networks, circular waste management, and the enhancement of green spaces and waterways.