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HEFCE commissioned Blue Alumni to provide an analysis of the Revolving Green Fund (RGF) programme to cover rounds 1 to 3.

The purpose of this evaluation is to confirm that the HEFCE investment in carbon reduction is cost-effective, and to understand the outputs from previous rounds and thus inform development of any future rounds.

This evaluation shows that RGF-funded projects are expected to reduce CO2 emissions by just under 12 per cent of the sector's 2020 reduction target, deliver annual savings of nearly £19 million and lever in a further £23.9 million from other sources. The report also found that HEIs applying for or receiving RGF funding have reduced emissions by 7 to 10 per cent more than HEIs which did not apply for or receive RGF funding.

The report also includes six case studies from HEIs funded by HEFCE, to illustrate the impact of the fund.