Islington set to launch London’s first Community Municipal Investment to help tackle climate emergency
Islington Council is set to launch London’s first Community Municipal Investment (CMI), giving local people the chance to invest in a cleaner, greener, healthier borough.
Local people will be able to invest as little as £5 in the CMI, which aims to raise £1million to support a range of Islington-based projects that will help tackle the climate emergency. The money will fund a range of real, local projects which are part of the council’s 2030 vision to cut emissions, increase recycling and create safer, cleaner streets across Islington.
The CMI, which is set to be launched in partnership with ethical crowdfunding platform Abundance Investment, will be the first in Britain eligible to be held in an Innovative Finance ISA. Local people investing will receive interest from the council every six months, and their investment back after five years.
Islington Council is committed to creating a net zero carbon borough by 2030. Achieving this will mean a more equal borough, where it’s easier for local people to make greener, healthier choices and where toxic air pollution is a thing of the past.
The council directly contributes just 4% of the borough’s carbon emissions, so it’s vital that local people are able to play their part in creating a greener future. Islington’s first Municipal Investment will help achieve that by giving local people the chance to support 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 are facing a climate emergency, and it’s clear that we need to take urgent action to protect our planet.
“A recent study revealed that nearly three-quarters of participants aged 16 to 25 fear for the future because of climate change – we owe it to present and future generations to act now, before it’s too late.
“We all have a part to play in addressing this and, by launching London’s first Community Municipal Investment, we’re giving people across Islington the opportunity to contribute towards local, national and global efforts to cut emissions and air pollution.
“With COP26 fast approaching, climate change issues are at the forefront of people’s minds, and by investing as little as £5 in the CMI, local people can help ensure a cleaner, greener, healthier future for Islington.”
The launch of London’s first Community Municipal 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.
Karl Harder, Cofounder and Joint Managing Director of Abundance Investment said: “Our municipal investments were designed to bring together communities that want to take action on the issues that matter to them.
"It is great to see the borough in which I was raised, and the council where my own dad worked for many years, take the lead in London on the Climate Emergency with local projects which give every resident the chance to invest in the delivery of NetZero for Islington.”
The launch of Islington’s first Community Municipal Investment is subject to a vote by the council’s Executive on Thursday, 14 October. Further detail can be found here.
Local people are also invited to register their interest in the CMI by heading to Abundance’s webpage. The CMI will be arranged by Abundance Investment, which is authorised and regulated by the Financial Conduct Authority.
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 £118m 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 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).
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).
Media contact information
If you are a member of the media and would like more information please contact:
Islington Council media team – firstname.lastname@example.org or 020 7527 2307. Out of hours: 07769 163303
If you are a member of the public with a general question about the council please contact:
Access Islington – www.islington.gov.uk/contact-us or 020 7527 2000