Telford & Wrekin Council has launched a Community Municipal Investment (CMI), meaning local people can now invest directly in sustainable projects.
The crowdfunding model means local residents and businesses can support the council’s plans to create a carbon neutral borough. The council is already taking action on its own environmental impact – it has cut its carbon footprint by 58% since 2018, putting it on track to hit its commitment to make its operations carbon neutral by 2030.
Councillor Carolyn Healy, Cabinet Member for Climate Change, Green Spaces, Natural and Historic Environment and Cultural Services, said:
“We want to ensure we support everyone across the borough to take action against climate change, and this investment opportunity gives you the chance to back a number of important local climate projects.
“Everyone has the chance to get involved by investing from as little as £5 into this Climate Action Investment, which aims to raise £500,000 to support a range of projects across Telford and Wrekin that will help us tackle the climate emergency.
“We recognise that people are feeling the pressure of the rising cost of living and that is why those who wish to support this cause can invest from as little as £5. It’s also why we will use £170k of the money raised to improve energy efficiency in our temporary accommodation which houses homeless people, providing affordable warmth for some of the most vulnerable members of our community.
“We also plan to use a proportion of the money raised to help community groups and small businesses to operate more sustainably via a second round of our Climate Change Fund. Last year’s first round is already helping dozens of local organisations to reduce their carbon footprint.
“These projects are having a real, immediate impact. For example, we estimate that grant-funded lighting replacements at Admaston House Community Centre in Shawbirch will save about 2.3 tonnes of carbon per annum. And this is just one of the many grant-funded projects!
“Our new Climate Action Investment initiative gives everyone the chance to contribute to more of this great work.
“The investment scheme is your opportunity to put your money to work to make a real difference, helping to delivering the council’s vision to make Telford and Wrekin a carbon neutral borough by 2030.”
The Telford & Wrekin Climate Action Investment is being launched in partnership with Abundance Investment, the UK’s first and biggest regulated green investment platform. The minimum investment is just £5, and this investment* lets investors earn 2.1% interest per year fixed, before tax, with interest and capital repayments every 6 months across the investment term. It will also be eligible to be held in an Innovative Finance ISA, which means that people will be able to get tax free investment returns.
Bruce Davis, Joint Managing Director of Abundance. said:
“This investment from Telford and Wrekin will make a real difference to the local council’s efforts to take action on the climate emergency with the money from residents and green investors going directly to benefit local projects and businesses driving the transition to Net Zero.”
The scheme aims to raise £500k which will be used to:
- Fund dozens of local community groups and small businesses to reduce their carbon footprint through a new round of the council’s hugely popular Climate Change Fund, delivering projects from solar panels and energy efficient LED lighting replacement to bike sheds and EV charging points
- Pay for energy efficiency improvements to the council’s temporary accommodation, meaning affordable warmth for some of the most vulnerable members of the community
- Buy two electric vehicles for the council’s Outdoor Education team, meaning school trips to everyone’s favourite place – Arthog – become sustainable!
Emma Harvey, Programme Director at the Green Finance Institute, said:
“Local Climate Bonds are a proven Community Municipal Investment solution that enables residents and community groups to have a meaningful role in their Borough’s ambitious Net Zero plans. The new scheme launched today by Telford & Wrekin is an example of its active commitment to promoting innovative financial schemes to address the climate emergency, in accordance with the GFI and Abundance Investment’s Local Climate Bond Campaign.”
For more info visit abundanceinvestment.com/telford-wrekin
Councillor Carolyn Healy is speaking about the council’s net zero strategies in the elemental Net Zero by Design theatre at InstallerSHOW on 23rd June.
Free tickets available: installer-2022.reg.buzz
