What's Happening?
Resonance, a social impact investor, has allocated £127,000 to Spike Island, a Bristol arts charity, to fund solar panel installations on its art studio roofs. This investment, comprising both grant and loan components, is part 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 costs from April to June. The funding is provided by the Energy Resilience Fund, a collaboration between Resonance and Social Investment Business, aimed at supporting charities and social enterprises in their energy-saving efforts.
Why It's Important?
The investment in Spike Island is crucial for advancing the charity's goal of becoming a net-zero organization by the 2040s. By reducing carbon emissions and energy costs, the initiative supports environmental sustainability and financial resilience for the charity. The Energy Resilience Fund's approach of combining grants, loans, and expert support is vital for enabling organizations to tackle the climate crisis while managing rising energy bills. This model could serve as a blueprint for other charities and social enterprises seeking to implement similar energy-saving projects.
What's Next?
Spike Island will continue its journey towards net-zero status, with ongoing support from the Energy Resilience Fund. The fund offers a range of energy-saving and generation project opportunities, encouraging other organizations to apply for similar initiatives. As the fund has been shortlisted for an Edie Net-Zero Award, its recognition may inspire further investment and participation from charities across the UK. The collaboration between Resonance and Social Investment Business is expected to expand, providing more organizations with the resources needed to achieve energy efficiency and sustainability goals.
