Glasgow and UK Infrastructure Bank Work to Accelerate Clyde Metro
14th Apr 2023
A project that seeks to accelerate the development of Clyde Metro has been agreed between Glasgow and UK Infrastructure Bank (UKIB).
UKIB has been working with the council to support the development of financial and commercial plans for the mass transit project which was recently confirmed by the Scottish Government as a key priority for future transport investment.
Clyde Metro, which represents a multi-billion-pound investment over a 30-year period, could better connect more than 1.5 million people to employment, education, and health services in and around Glasgow.
The relationship with UKIB has arisen through the work of our Green Economy team as part of Glasgow’s Green Deal, a transformative mission to reshape the city’s economy to help deliver equitable, net zero carbon and climate resilient living by 2030.
UKIB has provided commercial insights around the investment case for Clyde Metro and ran a series of workshops with regional stakeholders and representatives from the public and private finance sector to explore funding options for mass transit.
The pilot project also marks the beginning of a wider strategic relationship with UKIB, who will review our broader net zero investment work and seek to identify further areas for future collaboration or possible lending.
“Clyde Metro will be transformational across the west of Scotland, a catalyst for major economic growth and development, and social and educational opportunities while also making a huge contribution to our decarbonisation agenda.
“This collaboration with UKIB will help us further explore those critical funding and investment options for Clyde Metro, inform early engagement with potential partners and identify the financial structures necessary to support large scale mass transit projects and the wider net zero transition agenda.
“In progressing the vital discussions around the resourcing of Clyde Metro we can then begin to talk to our citizens about routes and destinations, about timetables for delivery and about the transformational benefits it will have for them and their communities.”
Cllr Susan Aitken, Leader of Glasgow City Council and Chair of Glasgow City Region Cabinet
“Local authorities have a pivotal role to play in the journey to net zero and supporting regional and economic growth – the twin missions of the Bank.
“It is a privilege to work with Glasgow so we can better understand how the Bank can help local authorities to build the capabilities and financial expertise they need to drive the transition to a Net Zero, climate resilient, thriving economy.”
John Flint, CEO of the UK Infrastructure Bank
Work is ongoing, with learning to be shared from mass transit and bus pilots ongoing with West Yorkshire Combined Authority and Transport for Greater Manchester.