Coastal Communities Fund to support green business
Green funding news – by GreenWise staff
25th July 2011
Low carbon businesses in Britain’s coastal communities are set to benefit from a new multi-million pound Treasury fund.
The
Coastal Communities Fund (CCF), announced on Friday, is designed to support the
economic development of coastal communities in the UK. The fund, which will be open for business from April 2012, is not exclusively targeting
green sectors, but the Government said
renewable energy and environmental safeguarding were the types of areas the fund could support. It will be funded through the
Crown Estate’s marine activities, which as well as gas and oil include offshore wind and wave and tidal energy projects. The CCF will receive the equivalent of 50 per cent of the revenues raised by these activities every year and every country in the UK is set to benefit.
Announcing the CCF, the Chancellor of the Exchequer George Osborne said: "This new funding shows that the Government is committed to supporting coastal communities and ensuring that they benefit from the revenue that our coasts and the Crown Estate produce."
Every coastal part of the UK will be able to access funding through the CCF, with separate funding for England,
Wales,
Northern Ireland, the Highlands and Islands and the rest of
Scotland.
Funding breakdown
Based on a 50 per cent share of the £47.4 million revenue raised by the CE’s marine activities in 2010-11, total CCF
funding available in its first year of operation will amount to £23.7 million. This breaks down to £18.2 million for England, £3.9 million for Scotland and the Highlands and Islands, £1.15 million for Wales and £0.45 million for Northern Ireland.
Chief Secretary to the Treasury Danny Alexander said bids would be welcomed from businesses, charities social enterprises and local organisations "which support the economic development of the community".
Funding for bids will come from revenues directly linked to CE activities in areas where the bids are received. The Government said it was in discussion with the Big Fund, part of the Big Lottery Fund, about delivering the CCF.
Like this story? Please subscribe to our free weekly e-newsletter at the top of the page for more content like this.
Related content:
