Planning for investment: Turning ideas into investable propositions

Through the Net Zero Living Programme, places have been adopting innovative approaches to help them move faster from project planning to delivery, turning ideas into investable propositions. The Planning, Pipeline and Finance campaign shares insights from Net Zero Living Programme projects related to local net zero planning and attracting investment.

Throughout the programme, Bankers without Boundaries and City Science have provided expert support on finance and investment to places. Harry Wain from Bankers without Boundaries reflects on conversations his team has had with council officers and partners looking to build investable pipelines.

Building investable pipelines

Local authorities are doing the hard work of shaping the future of their places. Across the country, councils are setting ambitious goals on the just transition to net zero, while still pushing ahead with growth and social agendas. But moving from ambition to funded, deliverable projects is rarely straightforward. Competing priorities, limited capacity and ever-evolving funding conditions often mean that good ideas struggle to turn into real investment on the ground.

Through the Net Zero Living Programme, we have seen that one of the most helpful steps councils can take is not finding new ideas, but instead building on ones they already have and viewing them through an investment pipeline and portfolio mindset.

Council project pipelines versus “investable pipelines”

In our discussions with council officers, we hear the word “pipeline” used regularly, in multiple different contexts. However, from our experience, the typical council understanding of this word is in reference to the broad mix of activity and initiatives underway at any given time. That might include strategy development for a multi-year housing strategy, feasibility studies for district heating projects, and community engagement initiatives to name a few. This “council pipeline” reflects local priorities and captures work across multiple sectors and at many different development stages.

However, this “council pipeline” does not equate to an “investable pipeline”. Not everything in a council pipeline is investable, and neither does it need to be.

What defines an “investable pipeline”?

An investable pipeline involves a series of capital projects (i.e. those that create or renew physical assets such as buildings, infrastructure or equipment) being shaped for external investment, with a clear focus on governance, implementation and delivery. These projects may also feature within the “council pipeline” described previously, but not all projects in the council pipeline will qualify to be in the investable pipeline. In the context of net zero, these could include new energy efficient building development, building retrofit programmes, district heating rollout etc. The key is that these projects are being developed with parameters in mind that can facilitate engagement with private sector investors.

Through the Net Zero Living Programme, councils have been supported to do exactly this, breaking down ambitious plans into defined, place-based capital projects that partners can engage with.

The word “pipeline” also signals continuity for investors, suggesting a repeatable flow of opportunities. That matters because it offers a long-term investment opportunity of larger scale as compared to piecemeal projects and, as a result, offers potential to develop a strong ongoing relationship between a local authority counterparty and one or more external investors.

Bristol City LEAP as a place-based example

A good example of crystallising an “investable pipeline” is Bristol City LEAP which is a 20-year partnership between Bristol City Council, Ameresco and Vattenfall Heat UK, created to bring investment into low carbon energy infrastructure across the city, with an ambition of enabling over £1 billion of investment.

LEAP is set up to bring forward a programme of capital projects over time, including energy efficiency upgrades, renewable energy technologies and heat network development, alongside project financing and long-term operation. It also illustrates how an investable pipeline can translate into real, ongoing delivery. Under the Bristol City LEAP partnership, projects are financed as they reach readiness rather than through one-off funding rounds.

According to the most recent business plan, over £51 million of low-carbon energy projects are already under contract, showing that financing is actively being deployed. Looking ahead, LEAP presents a five-year investment programme of more than £500 million, exceeding its original commitment of £473 million, with planned capital investment across a range of areas. This includes around £227 million for heat network infrastructure, £89 million for local renewable energy projects, £37 million for social housing retrofit, £50 million for owner-occupied retrofit, £8.7 million for electric vehicle charging infrastructure, and £18.7 million for decarbonisation of the council’s corporate estate. This gives investors a clearer picture of what is already happening and what is likely to come forward next, within a long-term partnership framework.

Pipeline versus Portfolio

As projects within an investable pipeline progress and secure funding, they begin to form an investment portfolio which, simply put, refers to the group of funded capital projects that are in delivery. Many councils are still building toward this, and that is expected. What the Net Zero Living Programme has shown is that focusing first on shaping a clear investable pipeline makes it much easier for a portfolio to emerge over time.

For councils working on place-based transition and wider net zero priorities, a practical starting point could be as follows: map the ongoing broad “council pipeline”, then identify any capital projects within it and use these to seed the “investable pipeline”. There may already be the building blocks of an investable pipeline there, if viewed through a slightly different lens.

Want to learn more?

Our insights paper, Investing in Places, will be launched at the Insights from the Net Zero Living Programme webinar on 12 February 2026. It draws together key insights and project case studies, discussing how places are strengthening local net zero planning, building better investment pipelines and mobilising finance.