Glasgow City Council and the UK Infrastructure Bank (UKIB) have agreed a project that seeks to accelerate the development of the Clyde Metro.
Last month the council said that a council-led Clyde Metro team is continuing to support the development of the mass transit scheme and that the imminent publication of the delivery plan for the Scottish Goverment's Strategic Transport Projects Review (STPR 2) will set out the level of funding, delivery structures and timelines for the next phase.
A visualisation of the metro on Edinburgh Road
It has now said that the UKIB has been working with it to support the development of financial and commercial plans for the project, which represents a multi-billion-pound investment over a 30-year period.
Council leader Susan Aitken, who is also chair of the Glasgow City Region Cabinet, said: ‘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.'
The council said its relationship with the UKIB has arisen through the work of its Green Economy team as part of Glasgow's Green Deal, which aims to reshape the city's economy to help deliver equitable, net zero carbon and climate resilient living by 2030.
The UKIB has provided commercial insights around the investment case for the Clyde Metro and run a series of workshops with regional stakeholders and representatives from the public and private finance sector to explore funding options for mass transit.
The council said the pilot project also marks the beginning of a wider strategic relationship with UKIB, which will review its broader net zero investment work and seek to identify further areas for future collaboration or possible lending.
UKIB CEO John Flint said: '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.'
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