North of Tyne has officially launched its new low carbon investment fund, Green New Deal Fund in the UK. With the target size of GBP18 million (US$23.95 million), the fund will invest in low carbon infrastructure in the North of Tyne Combined Authority area over the next four years.

The Green New Deal Fund can invest directly into SMEs to support business growth and innovation, with the focus on small and medium-sized businesses, public sector organizations, and community groups developing projects across Newcastle, Northumberland, and North Tyneside. They can access up to GBP2 million (US$2.7 million) of investment per project in the form of loans, equity and grants through the fund.

The preferred projects shall deliver significant carbon savings and help create new jobs, and develop skills in the region’s green and low carbon industries. The Green New Deal Fund aims to support a wide range of low carbon projects, including community energy schemes, Electric Vehicle charging solutions, building retrofits, small-scale renewables, natural capital, and low carbon heating systems.