European Regional Development Fund
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The European Regional Development Fund (ERDF) aims to build a stronger economy for Cornwall and the Isles and Scilly and support the EU and local ambitions for smart, sustainable, inclusive growth.
The objective of the funding is to strengthen the economic and social cohesion in the European Union by correcting imbalances between its regions. Cornwall and the Isles of Scilly qualify for additional funding because its economic performance was below 75% of the European Union average when the programme was originally developed. This programme of European funding builds on the previous Objective One (1999-2006) and Convergence Programmes (2007-2013).
Priorities for investment are initiatives that:
- Increase levels of research and innovation to exploit new market opportunities and drive the commercialisation of new products and services
- Address the issues of climate change and support energy sustainability.
- Increase access to finance for small and medium sized enterprises to enable investment to drive growth.
- Provide a suite of business support products, including a single point of access to simplify the business support landscape.
- Address underlying infrastructure issues, including transport and digital.
Key investment themes are:
Business support
Increasing productivity and competitiveness in existing businesses and encouraging and supporting new enterprise in Cornwall and the Isles of Scilly.
Environment
Preserving, Protecting and restoring biodiversity and soils, and promoting innovative technologies to improve environmental protection and resource efficiency.
Research & innovation
Driving economic growth through investments focusing on five key markets where there is an identified competitive advantage – agri-tech, digital economy, e-health and e-wellbeing, marine technology, space and aerospace – In addition supporting further innovation across all businesses in Cornwall and the Isles of Scilly.
Workspace
Investing in the development of high quality workspace that meets business needs and supports growth.
Climate change and low carbon
Supporting the shift to a low carbon economy by promoting renewable energy production and the development of low carbon technologies. Also Investing in adaptation to climate change and risk prevention through coastal protection and flood management.
Connectivity and transport
Investing in digital skills and extending the digital infrastructure to build on previous investments that helped deploy superfast broadband.
Investing in the transport infrastructure to reduce travel time and increase productivity through improving the A30 to alleviate congestion, and improving signalling on the main railway line between Penzance and London to allow more frequent services from Cornwall to London. In addition, investing in projects that foster environmentally-friendly, low-carbon transport and a shift to more sustainable modes of transport.