Abundance raises £300,000 in a week for first local council green bond
Abundance Investment has already raised £300,000 out of its £1m target for its first community municipal investment (CMI) with West Berkshire council, in just a week since it launched.
The CMI allows the local authority to finance green infrastructure projects alongside retail investors from the ethical crowd bonds platform.
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The funds will go towards installing rooftop solar power at several council-owned sites in the area, delivering renewable energy and meeting its environment strategy to make the district carbon neutral by 2030.
The first projects are being installed on council-owned buildings, with Greenham Common and the Pheonix Centre completed, and council offices at Market Street set to be next.
Other projects which should benefit from the CMI include urban tree-planting, nature and ecology works with the local Wildlife Trust and new footpaths and cycle paths.
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Ross Mackinnon and Steve Ardagh-Walter, West Berkshire councillors who were instrumental in launching the CMI, visited the sites where panels were fitted.
“I’m delighted to be here at Greenham at the site of our first solar installation project,” said Ardagh-Walter in a video on Abundance’s website.
“We’re on the roof at the minute and there’s a very impressive array of solar panels which are being installed over the next couple of days by the team here and I do look forward to these projects growing both in scale and number and making a serious contribution to our environment strategy.”
“This is a win, win, win for everyone in the district,” said Mackinnon said in the video.
“It will reduce our carbon emissions, reduce our electricity and the public through the CMI can invest as little as five pounds in the UK’s first climate bond.
“This is exactly the sort of project your money will be put towards financing and you get to earn a financial return on your investment as well.”
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