Finances agreed for city's 'green corridor'

The Green Innovation Corridor (GIC) is a collaborative scheme with the University of Wolverhampton

A project that will create more than 700 jobs by supporting new, green industries in Wolverhampton has taken a step closer as councillors approve funding.

The Green Innovation Corridor (GIC) is a collaboration with the University of Wolverhampton which has received £20m from the former government's Levelling Up Fund.

Cabinet members met on Wednesday to agree the financing of the scheme using the funding.

A further £7m is likely to be made available through the new West Midlands Investment Zone (WMIZ) which aims to create more than 30,000 new jobs and attract £5.5bn in investment.

It would cover the university's Springfield Campus and Science Park, part of the city centre and i54 Business Park, and connect research, innovation and industry to encourage new entrepreneurs, start-ups, products and services, council papers said.

The provisional £7m would go towards projects on the science park and create up to 17,000sqm of research and development and commercial space and 750 new jobs, the documentation stated.

After councillors agreed to set up a £20m capital budget for the scheme, the authority also agreed to enter into a legally binding collaboration agreement with the university to deliver it.

Council leader Stephen Simkins said the decision meant the grant funding could be spent as soon as possible "to make it a reality" and "unlock opportunities in the green revolution that we are at the beginning of".

Deputy leader Steve Evans said he felt the project would make a difference to employers and hoped new ones would be created to offer "high value and high quality jobs", adding that he looked forward to the inception of the scheme.

The GIC has been described by the council as "a key regeneration priority" for the city and wider region and was "one of three pillars" of the investment zone.

The authority said it would have a positive impact on communities and businesses by supporting the growth of new green industries, inward investment, helping local businesses to innovate and grow and support the city’s shift to a low carbon economy.

The West Midlands Combined Authority (WMCA) signed off on the delivery of the 25-year investment zone at a meeting in Wolverhampton last month.

Other projects that are part of the plans included a £23m investment in the gigapark at Coventry Airport to attract businesses and the Birmingham Knowledge Quarter will also receive a £9m investment.