Enabling Smart Local Energy Systems: Finance and Investment
Energy Systems Catapult’s new report Enabling Smart Local Energy Systems: Finance and Investment has found that local authorities can play a pivotal role in delivering Net Zero by leveraging public funding to scale up the private finance needed, however, new approaches are needed to do so effectively.
Through extensive engagement with both investors and local authorities, this new Insight and Adoption Paper by the Energy Revolution Integration Service (ERIS) ar Energy Systems Catapult sets out recommendations for national and local government, energy and financial sectors, and the UK Infrastructure Bank, to accelerate progress.
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, policymakers, 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.