Liverpool will prioritise four key areas when it looks to make new investments in the future, Mayor Steve Rotheram has said.
The city region's leaders will consider whether projects champion innovation, equality, net-zero and social value before deciding whether to invest.
The mayor's 2023 Investment Strategy would see all projects seeking funding have to demonstrate how they will help contribute to achieving Mr Rotheram’s target for the region to be net zero by 2040.
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They will also need to deliver social value – such as fair employment and developing local supply chains – and embed equality, diversity and inclusion in their operations.
Mr Rotheram said: "This strategy reflects my bold vision for a fairer, greener and more prosperous city region – one that doesn’t just look to grow our economy, but to grow people’s life chances too.
"I want to invest in projects that give our residents access to opportunity, that celebrate diversity and inclusion, that protect our natural environment, and that give local people the chance to lead healthy, fulfilling lives.
"Whether working to build a faster, cheaper, cleaner London-style transport network, funding the region’s largest ever investment to tackle inequality, or empowering thousands of employees through my Fair Employment Charter – every investment we have made has been with the ambition to deliver a lasting, positive impact for our residents and our planet.
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"I’m proud of what we’ve achieved so far, however, I know we have the potential to do so much more. Thanks to devolution, we’re starting to chart our own course and, by radically changing the shape of our economy, I believe we are putting ourselves in prime position to take full advantage of all the opportunities that will come our way."
The majority of funding will be focused on priority growth sectors such as advanced manufacturing, health and life sciences, and digital, creative and tech.
Under the new strategy, all combined authority (CA) investments must consider their impact on the environment and commit to measurable action to support the region’s net zero goals and all funded projects will need to consider the protected characteristics outlined in the CA’s equalities strategy – which also includes socio-economic status.
Investment decisions will consider how projects plan to embed equality, diversity and inclusion, for example, employment practices, supply chains, targeted outreach and building accessibility.
Every project’s social impact will also be assessed, through measures including how it will reduce inequality, improve health, provide fair employment or develop local supply chains.
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