WMCA Local Net Zero Accelerator

Descriptions

The WMCA has committed the region to achieving Net Zero by 2041. This requires investment into a wide range of infrastructure from homes and businesses to transport systems and energy networks. Included within the action plan to deliver the 2041 goal is an ambitious plan to retrofit the region's 1.2m homes while furthering the principles of inclusive economic growth - to achieve both Net Zero goals, but also transform residents' life opportunities by tackling the cost-of-living crisis, alleviating fuel poverty, improving health and creating quality jobs. We believe a place-based approach to achieving Net Zero is the best way to meet this target. We estimate that £30-70bn investment is needed just to decarbonise the region's homes, let alone businesses and wider infrastructure. Public funding will not be sufficient for these changes, so significant private finance will also be required. WMCA has been awarded funding through the Department for Energy Security and Net Zero's (DESNZ) Local Net Zero Accelerator Programme (LNZA) to establish a West Midlands net zero fund and develop a pipeline of Net Zero Neighbourhood projects across the region. This will also put the region in a strong position to make the most of government funding devolved to the WMCA through the Trailblazer Devolution Deal and build a sustainable market for net zero investment. WMCA's LNZA programme, which is scheduled for completion by March 2026, has been built off the back of significant research and evidence, including the Zero Carbon Rugeley and Net Zero Neighbourhoods initiatives, and will cover four main areas of activity: 1. Development of a pipeline of up to six place-based net zero projects across the region through the Net Zero Neighbourhoods programme, which will include: undertaking community engagement activity; retrofit surveys and assessment; installation of monitoring equipment; installation of energy improvement measures (subject to funding availability); and technical feasibility work looking at potential for energy infrastructure improvements within each area such as heat networks, embedded generation and storage and smart grids. 2. Design and development of a data infrastructure and specification to collect, store, analyse and report on data from place-based net zero projects, including Net Zero Neighbourhoods. 3. Design, development and establishment of a regional net zero fund and governance structures needed to channel investment into net zero projects across the region. 4. Engagement with investors, which will include the development of detailed investment cases for Net Zero Neighbourhoods, development of suitable resources for marketing and engagement and securing commitment of investors to fund projects via the regional net zero fund.