The 2023 Investment Strategy outlines the Mayor’s vision to help the region meet its ambitious target to be net zero by 2040, spread social value across local communities, and embed equality, diversity and inclusion across the Liverpool City Region through the investments the Combined Authority makes.
If approved, all projects seeking funding will have to demonstrate how they will help contribute to achieving Mayor Rotheram’s target for the region to be net zero by 2040 – at least a decade before national government targets.
They will also need to deliver social value – such as fair employment and developing local supply chains – and embed equality, diversity and inclusion in their operations.
Steve Rotheram, Mayor of the Liverpool City Region, said:
“This strategy reflects my bold vision for a fairer, greener and more prosperous city region – one that doesn’t just look to grow our economy, but to grow people’s life chances too. I want to invest in projects that give our residents access to opportunity, that celebrate diversity and inclusion, that protect our natural environment, and that give local people the chance to lead healthy, fulfilling lives.
“Whether working to build a faster, cheaper, cleaner London-style transport network, funding the region’s largest ever investment to tackle inequality, or empowering thousands of employees through my Fair Employment Charter – every investment we have made has been with the ambition to deliver a lasting, positive impact for our residents and our planet.
“I’m proud of what we’ve achieved so far, however, I know we have the potential to do so much more. Thanks to devolution, we’re starting to chart our own course and, by radically changing the shape of our economy, I believe we are putting ourselves in prime position to take full advantage of all the opportunities that will come our way.”
The new Investment Strategy, which revamps the existing 2020 strategy, sets out how inclusive economic development will be a key factor in all of the Combined Authority’s investment decisions, reflecting the commitments made in other documents, including its social value and equalities policies.
The strategy identifies four pillars of the economy that are critical for driving productivity and wider prosperity: maximising the impacts of innovation for people, place and businesses; turning people’s potential into prosperity; building thriving, sustainable and resilient places; and developing integrated infrastructure for a connected city region.
The majority of funding will be focused on priority growth sectors such as advanced manufacturing, health and life sciences, and digital, creative and tech.
Under the new strategy, all CA investments must consider their impact on the environment and commit to measurable action to support the region’s net zero goals and all funded projects will need to consider the protected characteristics outlined in the CA’s equalities strategy – which also includes socio-economic status.
Investment decisions will consider how projects plan to embed equality, diversity and inclusion, for example, employment practices, supply chains, targeted outreach and building accessibility.
Every project’s social impact will also be assessed, through measures including how it will reduce inequality, improve health, provide fair employment or develop local supply chains.
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