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Blending public and private finance is key if Britain is to meet its climate targets

By illuminem briefings 🌎

Aug 29 2023 Β· 1 min read

Illuminem Voices
Sustainable FinanceΒ Β·Β ESGΒ Β·Β illuminemX

illuminem summarizes for you the essential news of the day. Read the full piece on The Financial Times or enjoy below

πŸ—žοΈ Driving the news: Bristol City Leap, a partnership among Bristol city council, US cleantech firm Ameresco, and Swedish energy company Vattenfall, is aiming to make Bristol "carbon neutral and climate resilient" by 2030
• The collaboration is an example of public-private partnerships addressing climate and energy challenges

πŸ”­ The context: Bristol's approach demonstrates how public and private sectors can collaborate to address pressing issues
• Over 180 companies expressed interest in joining the initiative, highlighting significant private sector appetite for such partnerships
• About £630mn will be funneled over five years into various green energy ventures

🌎 Why does it matter for the planet: Collaborations like Bristol City Leap could be key in tackling climate change and accelerating the transition to sustainable energy
• As fiscal constraints limit public spending, private investments bridge financing gaps, suggesting a critical role for the private sector in addressing environmental challenges

⏭️ What's next: The UK government is encouraged to foster more partnerships like Bristol City Leap and to think innovatively about merging private and public capital to meet public policy goals 
• Moreover, the Green Finance Institute is designing an investment vehicle to spur growth in the electric vehicle battery sector, positioning the UK as a global leader

πŸ’¬ One quote: "Realising the full potential of blended finance will require a change of approach and a willingness to work collaboratively with the private sector, co-designing solutions that work for everyone."

πŸ“ˆ One stat: The automotive supply chain for EV technologies is projected to be worth £24bn a year by 2025.

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