Islington Council launches pioneering London-first municipal investment to help create a greener future
Islington Council has launched London’s first Community Municipal Investment (CMI), meaning local people can now invest in creating a cleaner, greener, healthier future for all.
A recent study showed that Islington is one of the six London boroughs most at risk from climate change. However, 91% of Islington’s emissions are not caused by the council itself – so it’s clear that a borough-wide effort is needed to address the climate emergency.
The fortnight-long Islington Together climate emergency festival, which concludes today, has brought people across the borough together to look at how we can all help tackle climate change.
To build on that spirit, the council has launched “Islington Greener Futures: Community Municipal Investment” – meaning that, from today, local people will be able to invest as little as £5 to support a range of Islington-based projects to help tackle the climate emergency.
The Islington Greener Futures investment, London’s first CMI, is being launched in partnership with ethical crowdfunding platform Abundance Investment, which is authorised and regulated by the Financial Conduct Authority. It will be the first CMI to be eligible for the Innovative Finance ISA, which means that people will be able to invest between £5 and £20,000 and receive a fixed return of 1.55% per year tax-free, with interest paid every six months and the original capital repaid after five years.
Islington Greener Futures aims to raise £1 million to support a range of exciting projects, including:
- The council’s ongoing efforts to improve air quality through, for example, the School Streets programme
- Working towards zero carbon recycling and waste collection
- Electric vehicle charging points to encourage residents to switch to electric vehicles
- Improved local recycling facilities to encourage recycling
- Installation of LED lighting on public buildings to reduce carbon and the cost of electricity
- Installation of solar panels on public buildings to reduce carbon and the cost of electricity
Cllr Rowena Champion, Islington Council’s Executive Member for Environment and Transport, said: “The climate emergency and the health inequalities that arise from it are two of the greatest threats to present and future generations – we must take action now to address this.
“The Islington Together festival has given new momentum to Islington’s collective efforts to tackle the climate emergency, and we’re building on that by launching our Islington Greener Futures Community Municipal Investment.
“Islington Greener Futures will give people across our borough the opportunity to invest as little as £5 in projects that will make a real, tangible difference and help create a more environmentally-friendly Islington for present and future generations. We look forward to seeing local people enjoying the environmental and financial benefits that Islington Greener Futures can bring to the borough.”
Karl Harder, Cofounder and Joint Managing Director of Abundance Investment, said: “Having grown up in the borough, it is great to see Islington Council demonstrating real leadership in London by providing their residents with the chance to make a real difference to local efforts to combat the climate emergency.
“The fact that the UK government has put investments like this at the heart of our Net Zero strategy shows the importance of local climate finance initiatives in the national effort too.”
More information and details on how to invest in the Islington Greener Futures can be found on Abundance’s website.
The launch of the Greener Futures Investment is one of many steps the council is taking to address the climate emergency, including the introduction of people-friendly streets and School Streets, delivering greener, cheaper energy to hundreds of local people, and managing London’s largest Carbon Offset fund.
Notes to editors
About Abundance Investment
Abundance is a leading direct investment platform that is putting people in control of their money. People invest in individual projects that generate something good for the environment and society as well as bank-beating returns.
The investor chooses which project or business to invest in from just £5 and benefits from a financial return, while the world benefits from the growth of sustainable businesses.
Since launching in 2012, more than 7,300 people have invested over £115m directly into the projects they support via the Abundance platform, with over £37m returned to investors. In the process, Abundance has achieved a number of firsts. As well as being the world’s first FCA-regulated investment based crowdfunding company, it is also the first investment platform to offer a dedicated investment based crowdfunding SIPP and launched the UK’s first Innovative Finance ISA for renewable energy investments on November 1st 2016.
In 2020, Abundance launched the first Community Municipal Investments after working with the University of Leeds to develop new ways to allow local people to actively participate in the transition to Net Zero. These investments let people invest directly into councils, allowing them to fund the real local green projects that we need to make a big impact on the climate emergency. Abundance’s new municipal investments, launched after September 2021, are structured as peer to peer loans and are eligible to be held in an Innovative Finance ISA. Abundance’s first two municipal investments, launched in 2020 with West Berkshire and Warrington Councils, were not ISA eligible.
Abundance also became a certified B Corp in 2018; these are businesses that meet the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose.
Abundance and Abundance Investment are trading names of Abundance Investment Ltd which is authorised and regulated by the Financial Conduct Authority (no. 525432).
Visit www.abundanceinvestment.com
Follow @AbundanceInv
Risk Warning:
As with any investment, there are risks when investing on Abundance. Your invested capital is at risk and any return on your investment depends on the ability of the local authority you have invested in to pay your returns. Investments on Abundance are generally long term and you should be prepared to hold them to maturity. The investments are illiquid and you may not be able to sell them if you need your money back earlier, and their value can rise or fall. Quoted returns are no guarantee of future returns and past performance is not a guide to future performance. Specific risks will apply in relation to each investment. Please consider all risks before investing and read the Offer Document or Factsheet for each investment. The investments on Abundance include debentures or bonds (from companies) and peer-to-peer loans (from councils) - Abundance’s service in relation to peer-to-peer loans is not covered by the Financial Services Compensation Scheme (FSCS).
Contact information
If you are a member of the public with a general question about the council please view the contact information on our website or call 020 7527 2000.