Islington Greener Futures investment halfway towards £1 million target to create cleaner, greener, healthier borough
More than £500,000 has already been invested in Islington Greener Futures, and local people are still able to play their part in creating a cleaner, greener, healthier Islington by investing.
Last month, Islington Council launched Islington Greener Futures, London’s first Community Municipal Investment (CMI), to give local people the opportunity to invest as little as £5 to support a range of environmentally-friendly, Islington-based initiatives.
Less than a month since opening, Islington Greener Futures is already halfway towards its £1 million target, surpassing the £500,000 mark on Sunday, 21 November, thanks to investment from more than 400 people.
The CMI is being managed by ethical investment crowdfunding firm Abundance Investment, which is authorised and regulated by the Financial Conduct Authority. It is the first CMI to be eligible for the Innovative Finance ISA, which means that Islington residents are 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 is one of the six London boroughs most at risk to climate change, yet 91% of its emissions are not caused by the council itself – highlighting the fact that a borough-wide effort is needed to address the climate emergency. The Islington Greener Futures CMI provides local people with the opportunity to help play their part by supporting a range of 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: “We know that the climate emergency is a very real, very pressing issue that requires urgent action.
“That is why we have launched Islington Greener Futures – to provide people with the opportunity to invest as little as £5 in projects that make a tangible difference and help create a cleaner, greener, healthier Islington for everyone.
“We know that local people are passionate about playing their part in tackling the climate emergency, and this is reflected in the fact Islington Greener Futures has already raised £500,000. We’re grateful to those that have already invested, and there’s still plenty of time for more local people to take part and enjoy the environmental and financial benefits that Islington Greener Futures can bring.”
The launch of Islington Greener Futures is one of many steps the council is taking to address the climate emergency, including the introduction of people-friendly streets, delivering greener, cheaper energy to hundreds of local people, and managing London’s largest Carbon Offset fund.
As part of its pioneering approach to tackling the climate change, the council has also recently launched Islington’s 36th School Street, opened the borough’s first Library of Things to encourage sustainable re-use, and unveiled its first retrofitted twin pack refuse collection vehicle – a once diesel vehicle which has been given a fully electric engine.
Karl Harder, Cofounder and Joint Managing Director of Abundance Investment, said: "Having been born and bred in Islington, I'm really pleased to see the strong response from local investors to London's first ever CMI.
“As its name suggests, Islington Greener Futures helps give ordinary people a direct stake in the future we want and need in the borough.”
More information and details on how to invest in the Islington Greener Futures can be found on Abundance’s website.
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.