Resonance Invests in Bristol Arts Charity to Advance Green Energy Plans

What's Happening?

Resonance, a social impact investor, has allocated £127,000 to Spike Island, a Bristol arts charity, to support the installation of solar panels on the roofs of its art studios. This investment, which is a combination of grant and loan, is part of Spike Island's broader decarbonization strategy aimed at reducing carbon emissions and energy costs. 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 funding comes from the Energy Resilience Fund, a collaboration between Resonance and Social Investment Business (SIB), which provides blended funding and specialist support to charities and social enterprises.

Why It's Important?

The investment in Spike Island is a critical step towards achieving net zero emissions for the organization by the 2040s. This initiative not only contributes to environmental sustainability but also offers financial relief to the charity by reducing energy costs. The Energy Resilience Fund, which supports various energy-saving projects, is crucial in helping charities and social enterprises tackle the climate crisis while managing rising operational costs. By facilitating projects like solar panel installations, the fund aids in the transition to renewable energy sources, promoting long-term sustainability and resilience in the nonprofit sector.

What's Next?

Spike Island aims to continue its journey towards becoming a net zero organization, leveraging the support from Resonance and the Energy Resilience Fund. The fund, which offers a mix of loans and grants, will continue to support similar projects across England, including electric vehicle purchases and energy-efficient retrofits. As the fund has been shortlisted for an Edie Net-Zero Award, it may gain further recognition and attract more participants, potentially expanding its impact on the nonprofit sector's energy efficiency and sustainability efforts.

Beyond the Headlines

The collaboration between Resonance and Social Investment Business highlights the growing trend of integrating financial support with environmental initiatives in the nonprofit sector. This approach not only addresses immediate financial pressures but also aligns with broader societal goals of combating climate change. The success of Spike Island's project could serve as a model for other organizations seeking to balance economic viability with environmental responsibility, fostering a culture of sustainability within the arts and charity sectors.