Summary
We need to secure appropriate funding to deliver the actions laid out in the Net Zero Route Map and Action Plan (NZRMAP) so that Oxfordshire can reach net zero, with finance acting as either a key enabler or barrier to success.
Alongside conventional funding sources (including grants from national government and the allocation of local authority budgets), more innovative approaches will need to be adopted (e.g. green bonds, development of insetting schemes), to realise the benefits of local investment and ownership of assets
Key Outputs
Successfully securing a wide range of green funding options is essential to delivering all the goals laid out in the Net Zero Route Map and Action Plan (NZRMAP).
The Oxfordshire Leaders Joint Committee (formerly the FOP) have begun exploratory discussions about the use of green bonds to support the deployment of renewable energy technologies. In addition, our partners the Zero Carbon Oxford Partnership (ZCOP) have established an innovative area-based insetting trial with Anthesis in Oxford to demonstrate that this would be another a viable means of attracting funding to deliver local carbon reduction projects which will provide opportunities for shared learning in this area.
Current Status
The OLJC is currently convening a working group to review opportunities for new funding mechanisms to finance delivery of priority actions (e.g., green bonds and ‘insetting’) which could support the creation of a private finance stream into Oxfordshire’s programmes. They are exploring how OLJC might take a green finance insetting model forward. The Partnership are also investigation the development of a pipeline of investment ready nature-friendly projects through the Low Carbon Hub and others.
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