The North of Tyne Combined Authority has launched an £18 million low carbon investment fund for businesses of all sizes developing low carbon projects in the area.
Public sector organisations and community groups across Newcastle, Northumberland and North Tyneside will also be able access up to £2 million per project.
Investments will be made available for the next four years to drive innovation and green technologies including electric vehicle (EV) charging solutions, building retrofitting, renewables and low carbon heating infrastructure.
A stipulation of receiving funding is that for every £4,525 received, each project must save one tonne of carbon emissions each year and energy efficiency projects must reduce energy costs by at least 10%.
North of Tyne Mayor Jamie Driscoll said: “The world has accepted that we need to hit net zero as soon as possible. Offshore wind and electric vehicles are essential components but what about the micro-solutions at a local level?
“How do we help organisations and communities install heat pumps and micro-generation and even basics like insulation? Our Green New Deal gives them access to the capital they need to reduce carbon emissions now.
“They will repay the fund over time allowing more investment to help other people. The North of Tyne Green New Deal Fund will create jobs, reduce emissions and save money – it’s the kind of innovation that’s needed for local areas to become net zero.”