CREATING A LOW CARBON ECONOMY 
 

Hampshire Community Bank 

Future Solent Board Sponsor 
Alex Parmley 
 
Project Leader 
Prof. Richard Werner 
 
Committed Organisations 
Local First CIC 
Project details 
The Solent region will have a bank that meets the investment needs of residents and SMEs to enable them to develop, including investing in green technology projects to commercial application and funding energy efficiency & renewable energy projects. The CIB is to be based on the Sparkassen model, which is the backbone to the successful local banking system in Germany. 
 
How it delivers the priorities 
Priority 1: New Low Carbon & Green Technology 
A CIB would provide a source of finance to help take forward the commercial application of green technology research and development and fund the set up of new business ventures within the green technologies & services sectors as well as the expansion of existing green SME businesses. It will also support business investment generally, meeting the needs of local businesses that is not currently met by international banking which is isolated and therefore does not have knowledge of the local economy or business community. 
 
Priority 2: Resource Efficiency in Homes and Businesses 
A CIB would be a source of capital for businesses to invest in energy saving and waste minimising measures. 
 
Priority 3: Generation of Secure, Renewable & Low Carbon Energy in the Solent 
A CIB would be a source of finance for businesses of various sizes and local authorities to invest in renewable and low carbon energy schemes 
 
How it delivers the expected outcomes 
Promote business growth 
Provides investment to existing or new businesses to encourage and promote business growth. Would attract depositors from the Solent area and therefore ensure that money is retained for investment within the local economy. 
 
Create new/safeguard jobs 
Investment and business growth provides the means of maintaining a current workforce or employing a larger work force if required 
 
Develop an appropriate skills base 
Investment into new business may require new skills set. Investment also provides the means of attending courses or education and skills training. 
 
Measureable carbon reductions 
Investment will be made to existing or new businesses will an interest in maintaining their position or breaking into the sustainability and renewable energy industry. 
Recent Developments 
 
Government plans to award £3 Million of Regional Growth Funding (RGF) support to the “Future Solent Green Growth Programme”. 
The programme will also help Local First CIC to establish the Hampshire Community Bank to provide an on-going source of funding to SMEs, in particular green economy businesses and projects. 
 
This seminar explored the business case for the establishment of a local bank in Hampshire and how local banks elsewhere in the world help local governments deliver local economic growth and sustainable development.  
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