The UK Infrastructure Bank (UKIB) has partnered with Glasgow City Council to accelerate the development of the Clyde Metro project, which will drive growth and net zero in the area.
UKIB has supported the council in the development of financial and commercial plans for the mass transit project which represents a multi-billion-pound investment over 30 years.
The Clyde Metro project is intended to better connect more than 1.5m people in and around Glasgow as well as reduce carbon emissions through greener forms of transport.
This is part of the UKIB’s local authority advisory service, which provides commercial expertise and supports councils in finding innovative ways to meet net-zero targets through financing infrastructure.
Susan Aitken, Glasgow City Council’s leader, said: “The collaboration with UKIB will help us further explore those critical funding and investment options for Clyde Metro, inform early engagement with potential partners and identify the financial structures necessary to support large-scale mass transit projects and the wider net-zero transition agenda.”
UKIB has also announced that it is working with Transport for Wales and the Welsh government on a project which is seeking to decarbonise the public service bus fleet by 2035.
John Flint, UKIB’s CEO, said: “Local authorities and devolved administrations have a pivotal role to play in the journey to net-zero and supporting regional and economic growth – the twin missions of the bank.”
This follows from three initial partnerships with Bristol City Council, Transport for Greater Manchester and the West Yorkshire Combined Authority in October.
