The OxFutures initiative is mobilising large-scale investment to develop renewable energy and energy efficiency projects across the city of Oxford and Oxfordshire county.
The aim is to position Oxfordshire at the forefront of low carbon innovation and lead on the UK’s transition to a sustainable energy future. OxFutures has been kick-started by a grant from Intelligent Energy Europe to leverage investment of £20 million into local energy projects by 2016. It covers 75% of the costs towards a £1.3m programme to mobilise local energy infrastructure. The funded period started on 28th November 2012 and lasts for three years and has the following key targets:
- Leveraging investment in energy projects: 20 M£ (26 M€)
- Renewable generation capacity: 8,4 MW
- Demand reduction energy savings: 13.330.000 kWh
- Carbon emissions reductions: 7.900 tCO2/year
The vision is for the River Thames and the rooftops of Oxfordshire to be the power stations of the future. Communities, businesses and the public sector will “power up” by developing renewable energy schemes and “power down” by reducing energy use. This is supposed deliver many economic, social and environmental benefits for Oxfordshire.
Local community interest social company “Low Carbon Hub” is the major partner to the two councils in delivering the four programme strands:
- The OxFutures Fund
- Investment on the public estate
- Community energy: powering up
- Domestic retrofit: community powering down (this has been limited to one pilot and will not be covered further)
The aim is to make low carbon economic development mainstream and to bring £400 million of investment into Oxfordshire by 2020. OxFutures will secure the City of Oxford’s target to reduce its carbon emissions by 40% by 2020, and to reach the Oxfordshire County Council target of a 50% reduction in carbon emissions by 2030, based on 2008 levels.