What's Happening?
Resonance, a social impact investor, has invested £127,000 in Spike Island, a Bristol arts charity, to fund the installation of solar panels on its art studio roofs. This investment, part-grant and part-loan, is a critical component of Spike Island's decarbonization strategy. The initiative has already demonstrated significant environmental benefits, including a reduction of 9000kg of CO2 emissions and a halving of electricity bills from April to June. The investment is supported by the Energy Resilience Fund, a collaboration between Resonance and Social Investment Business, offering blended funding and specialist support to charities and social enterprises.
Why It's Important?
This investment is crucial as it supports Spike Island's journey towards becoming a net zero organization by the 2040s. The Energy Resilience Fund provides essential financial and advisory support to charities facing pressure from rising energy costs, enabling them to take positive action on climate change. By reducing CO2 emissions and energy costs, the initiative not only benefits the environment but also enhances the financial sustainability of the charity. This model of blended funding and support could serve as a blueprint for other organizations seeking to implement green energy solutions.
What's Next?
Spike Island will continue its efforts to become a net zero organization, with plans to expand its green energy initiatives. The Energy Resilience Fund will remain available to other charities and social enterprises across England, offering support for various energy-saving projects. The fund has been shortlisted for an Edie Net-Zero Award, highlighting its impact and potential for broader adoption.
