Major banks including, The Co-operative Bank, Natwest, Halifax and Nationwide have provided a support network in advancing Green Finance across Greater Manchester, with The Co-operative Bank and NatWest particularly experienced in structuring and marketing green bonds.
Leading companies like Bruntwood SciTech, Legal & General, and Sustainable Ventures have chosen Greater Manchester as a base for their green initiatives, supported by a network of professional service firms including Deloitte, PWC, and specialist organisations like Tallarna and Sero.
Recent success stories highlighted in the report include Bruntwood SciTech securing a £100 million sustainability-linked funding package as part of a larger £380 million initiative, and the Green Finance Institute’s partnership with Greater Manchester Combined Authority (GMCA) leading to over 60 green mortgage products becoming available in the market.
The city-region has an ambitious target to achieve carbon neutrality by 2038, which is 12 years ahead of the UK Government’s goal, and has recently launched a 5-year environment plan to accelerate action.
This commitment is reflected across six action areas included in the five-year strategy: energy supply; travel and transport; homes, workplaces and public buildings; consumption and production of resources; the natural environment; and resilience and adaptation to climate change.
Greater Manchester’s goal of achieving carbon neutrality by 2038 is driving the demand for innovative green solutions, making the city-region a promising place for the expansion of green finance.
Deborah Walker, Head of Financial, Professional and Business Services at MIDAS, said:
“This research highlights how Greater Manchester is becoming recognised as a UK leading regional hub for green finance.
“The combination of our 2038 net-zero target, established support networks, and proven track record in financing green products makes Greater Manchester an extremely attractive proposition for investors and businesses looking to capitalise on the transition to a sustainable economy.
“We’re particularly proud to see the impact already being made, with over 35,600 jobs supported and billions contributed to our local economy through net-zero activities.”
The strength of Greater Manchester’s green finance ecosystem is further enhanced by its knowledge transfer sector, with the University of Manchester, Manchester Metropolitan University, and University of Salford all playing crucial roles in research and innovation.
Greater Manchester’s academic excellence, combined with support from government initiatives like the Greater Manchester Environment Fund and The Clean Growth Grand Challenge, creates a environment for green finance to flourish across the city-region.
Leading the way in Greater Manchester’s green innovation ecosystem is Sustainable Ventures, which recently selected the city-region for its first phase of UK expansion.
Andrew Ruffler, director of Sustainable Ventures North, explains the decision:
“We selected Manchester for the first phase of our UK expansion due to its emerging climate tech scene and the opportunity to help address the twin challenges of climate change and resource scarcity through commercial solutions. Greater Manchester brings a unique blend of devolved authority, established public and private sector collaboration, and impressive higher education assets, for example, Salford’s Energy House 2.0.
“The support we have received from the city region since landing in February 2024 has been phenomenal, having been welcomed by the private, public and academic communities alike. We are now excited to replicate the success of our London HQ, which is currently home to over 130 climate startups, by launching our new Manchester base in the forthcoming £1.7bn sister regeneration scheme.”
For investors and businesses looking to engage with green finance opportunities in Greater Manchester, MIDAS provides dedicated support services to help organisations establish and grow their presence in the city-region. To find out more contact info@midas.org.uk.
To read the full report with further findings, including why Greater Manchester is emerging as a leading regional hub for green finance and the areas of Greater Manchester that came out on top visit: Growing Greener Finance in Manchester | Invest in Manchester to fill in the request form.