Three pilot projects have been established that “showcase innovative approaches to public and private strategic partnerships and financial models”, the bank said, adding that this will help the organisation to share learnings with other local authorities.
The UKIB’s local authority function will provide commercial expertise to local authorities, supporting them to find innovative ways to meet Net Zero targets through financing infrastructure, as well as providing a central resource for authorities to share knowledge and learnings from past projects.
The three pilot projects being undertaken by the UKIB are:
- Working with Bristol City Council as it begins the delivery of its innovative City Leap partnership to build £1bn of Net Zero infrastructure;
- Supporting Transport for Greater Manchester to accelerate its transition of a third of the city region’s overall bus fleet to a zero-emission fleet by 2027; and
- Working with the West Yorkshire Combined Authority to develop plans for a new, transformational Mass Transit programme for the region.
“We want to use our unique experience and position to help authorities build capabilities, financial expertise and reach their ambitions,” said UKIB chief executive, John Flint.
The bank is keen for other authorities to discuss potential project opportunities with it, as it looks to roll out the advisory function beyond the pilot phase.