Investment opportunities available to support a shift to a low carbon economy in Cornwall and the Isles of Scilly

Cornwall and the Isles of Scilly are internationally recognised as leaders in the low carbon field, and this call is aimed at ensuring that this competitive advantage is built upon through the creation of high value jobs and the development of new energy sectors. The call through the European Regional Development Fund (ERDF) forms part of the Cornwall and Isles of Scilly Growth Programme.

It is expected that the Growth Programme will build on the previous investments made during the Convergence Programme. Vital infrastructure such as Superfast Cornwall, the development of the Penryn Campus and the trio of Innovation Centres were complemented with a suite of skills and business support packages which helped develop local people and businesses. It is hoped that the circa €600m Cornwall and the Isles of Scilly have received from Europe will be match funded by both the public and private sector to make an approximate €1billion investment package over the life of the Programme.

These new contracts will be announced through a series of ‘calls’.  The first call relating to the promotion of the low carbon economy was published on [31.07.15]. This call aims to support the development of new renewable energy sources, as well as promoting research and innovation in low carbon technologies in areas such smart energy systems. t. Future calls are likely to include additional areas such as energy efficiency and other technologies where Cornwall and the Isles of Scilly have a potentially leading position.

Julian German, member of the Integrated Territorial Investment (ITI) board which is responsible for overseeing the Cornwall & Isles of Scilly Growth Programme, said: ‘This £22m investment, which is the first in a suite of Programme investments into the green economy, will enable Cornwall and the Isles of Scilly to build on our historic successes as a leader and innovator in areas such as renewable energy, and other emerging low carbon sectors.  Indeed, Cornwall and the Isles of Scilly has recently been recognised in a Government backed report as the number one LEP area for energy innovation and in the Cornwall Deal the Government has pledged a low carbon enterprise zone.  I’m keen to see a strong field of applications coming forward with low carbon projects in order to take advantage of this exciting new European funding opportunity.’

Through the wider European investment there is an ambition to accelerate the productivity of high growth and growth potential businesses, ensure there is an appropriately skilled workforce, look to the commercial opportunities of the future and support those most disadvantaged in the region to progress into work or education. The low carbon call sits squarely within this aspiration.

ENDS

Editor’s notes

The new Programmes will run from 2014-2020. Cornwall and the Isles of Scilly is the only area in England to qualify as a ‘Less Developed’ region. The Programme will be €603.7 million.

The new Programmes will be part of an ‘EU Growth Programme’ to be financed by European Regional Development Fund (ERDF) and European Social Fund (ESF) with a contribution from European Agricultural Fund for Rural Development (EAFRD). The Cornwall and the Isles of Scilly Local Enterprise Partnership (LEP) will have a key role in implementing and delivering the new Programmes.

ERDF €458 million

ESF €196 million

Cornwall and the Isles of Scilly have also benefited from the Rural Development Programme for England (RDPE) and the European Fisheries Fund (EFF) during the Convergence Period.

RDPE £42 million^[1]

EFF £9 million