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£10.5m boost for green firms

31 May 2019

Plans to boost green technology firms with European cash are set to be backed by Norfolk County Council.

The Council’s Cabinet is set to progress plans to invest £10.5m investment from the European Union’s low carbon innovation fund.

Norfolk County Council will oversee the fund, which will be invested in around 48 green technology companies across Norfolk and the rest of East Anglia.  It is expected to attract a further £22m of private investment.

Cabinet member for growing the economy, Councillor Graham Plant, said:  “Green technology is the future and this investment should help to develop this growing industry and provide financial returns that we can reinvest in the future.”

Once the initial fund ends in 2023, the County Council will be able to reinvest the returns on the original grant.  A report to cabinet says this will provide “a long-term source of funding for economic development over which Norfolk County Council will have influence”.

The cabinet is due to meet at 10am on Monday 10 June to consider the report. It will be webcast live on the County Council’s YouTube channel and a recording available to watch afterwards.

For details of cabinet members, committee chairs and agendas, please see: www.norfolk.gov.uk/cabinetandchairs

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