Thread by @UK100_

As the Chancellor announces the #Budget, he'll draw attention to pandemic financial support.

But we will also be watching out for further details of the #NationalInfrastructureBank (NIB). (1)

The NIB has the potential to be a key enabler of #NetZero, but this depends on the design of its green mandate.

Our research w/ @SiemensUKNews shows it must be place based, have an advisory capacity and provide development capital. (2)

.@theCCCuk recommends #NetZero policies should be designed to enable local financing.

But local government currently lacks the capacity, tools and development capital to build a pipeline of Net Zero infrastructure projects. (3)

We need big technology solutions like CCUS and green hydrogen.

But we also need to decarbonise our transport networks and our homes, using proven technologies.

These are often not being implemented at scale (or at all) because of market failure. (4)

Last July @UK100 + @SiemensUKNews published a report on accelerating the rate of investment in local energy projects.

It showed £5bn of investment could leverage £100bn of private finance through a local partnerships approach.

Read our report👉 uk100.org/publications/a… (5)

The NIB could provide this kind of development capital to act as a catalyst for crowding in private finance.

By focussing on the development phase of projects + taking on early stage risk, it'll be able to create a set of circumstances that allow markets to evolve. (6)

The NIB could mean the difference between sporadic financing, resulting generally in small projects as is currently the case, and delivering long term social and economic benefits + significant emissions reductions by supporting a programmatic approach. (7)

”We stress the importance of providing advice to local authorities in helping create and finance investable projects,” said Charles Abel-Smith at a recent @APPGSustFin roundtable with @AldersgateGrp to discuss the #Budget2021.

Read more👉 uk100.org/blog/2021/03/p… (8)

We're encouraging parliamentarians to ask Ministers:

"Will the mandate of the NIB include providing finance for the development of place-based #NetZero investment?" (9)

Cc @EdwardJDavey @GarethDavies_MP @Ed_Miliband
@mtpennycook @andrealeadsom @bryworthington @kevinhollinrake @Gibbo4Darlo @BenMLake @cajardineMP @BimAfolami @SarBritcliffeMP (10)

Cc @CEN_HQ @APPGbanking @PRASEG @GFI_green @AldersgateGrp (11)

We're watching the #Budget2021... the Chancellor says "If we want a better future economy, we have to make it happen. We have to do things that we’ve never done before. It’s not enough to have a desire to grow the economy. We need a commitment to green growth."

The Chancellor announces a "commitment to create jobs where people are and change the economic geography of this country".

The Chancellor has set out his vision for a future economy, and announces that the new National Infrastructure Bank -- critical to the foundations of this vision - will be located in Leeds. #Budget2021

He adds "beginning this Spring, it will have an initial capitalisation of £12 billion and expect it to support £40 billion of total investment in infrastructure." #Budget2021

The Chancellor has also announced investment in new port infrastructure in Teeside and Humberside for offshore wind. #Budget2021

Building on the sovereign green bond announced in November, the Chancellor announces a new retail saving product to give UK savers to give a chance to support green projects. #Budget2021

The Chancellor says that green measures are underpinned by an updated monetary policy remit for the Bank of England. It reaffirms their 2% target but will also reflect the importance of environmental sustainability and the transition to net zero. #Budget2021

The Chancellor says "our future economy demands a different economic geography. Along with BEIS, DIT and MHCLG - there is to be a new economic campus in Darlington for the Treasury" #Budget2021

"Redrawing our economic map means rebalancing our economic investment." The Chancellor announces over £1 billion for 45 new towns deal. #Budget2021

Chancellor pays tribute to local leaders “like brilliant mayor for West Midlands @Andy4wm who are making the case for investment in their area.” @WestMids_CA #Budget2021

The Chancellor also announces the launch of the first round of the levelling up fund. #Budget2021

The Chancellor announces freeports, economic zones that will have simpler planning, cheaper customs and lower taxes to encourage job creation. Freeports will be a UK wide policy and the Gov will work constructively with devolved nations. #Budget2021

Freeports announced today will be in East Midlands Airport, Felixstowe and Harwich, Humber, Liverpool City Region, Plymouth, Solent, Thames and Teeside. #Budget2021

The Chancellor also pays tribute to @BenHouchen Mayor of @TeesValleyCA #Budget2021

The Chancellor announces his vision for Teeside freeport, with old industrial sites being used to capture and store carbon, offshore wind turbines creating clean energy for the rest of the country, with the Treasury down the road and the NIB an hour away. #Budget2021

The Chancellor envisions fast growing, innovative businesses hiring local people into decent, well paying green jobs as part of his plan for the future economy. #Budget2021