The European Regional Development Fund
The ERDF has provided £10.6m under its Priority Axis 4; “Supporting the Shift Towards a Low Carbon Economy in All Sectors”, specifically:
• Investment Priority 4a
Promoting the production and distribution of energy derived from renewable resources.
• Investment Priority 4f
Promoting research and innovation in, and adoption of, low-carbon technologies
Cornwall Council has provided £2.4m in support of both its economic development programme and its vision for a low carbon energy future, which aims to:
• Reduce fuel poverty to 5%
• Meet 100% of electricity demand from renewables
• Retain 30% of energy spend in the Cornish economy
• Develop 50% locally owned generation
• Reduce fuel bills by 20%
• Create 4000 green jobs
Private investors have provided £5m to the United Downs Deep Geothermal Power project.