Local people back council’s vision for greener borough as Islington Greener Futures reaches £1m target
Local people have helped create a cleaner, greener, healthier future for Islington by supporting the council’s pioneering Islington Greener Futures investment to reach its £1 million target.
Islington Greener Futures, London’s first Community Municipal Investment (CMI), was set up to give people the opportunity to invest as little as £5 to support local, environmentally-friendly initiatives.
Since its launch in October, a total of 661 people have invested in Islington Greener Futures, and it hit its £1 million target on Saturday, 29 January. As the investment target has been reached, Islington Greener Futures has now closed.
The council is taking an innovative, forward-thinking approach to addressing climate change, and the success of Islington Greener Futures is another positive step towards becoming a net zero carbon borough by 2030.
A total of £207,150 of the £1 million target came from 54 local investors. By putting their money into Islington Greener Futures, they’ve helped support a range of pioneering, environmentally-friendly projects that will help create a greener Islington for all.
These include:
- 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: “Tackling the climate emergency and creating a cleaner, greener, healthier borough is a leading priority for the council, but it’s always been clear that we can only achieve that with the support of local people.
“By helping Islington Greener Futures reach its £1 million target, local people have played their part in tackling the climate emergency, and have taken a real stake in the future of our borough. We know how challenging a time this is for people across Islington and the nation, so we really do appreciate each and every person that has invested in our vision for a cleaner, greener, healthier Islington.
“We now look forward to using this £1 million to fund a range of exciting initiatives that will make a real, tangible difference to people across our borough as we continue to create a more environmentally-friendly Islington for all.”
Islington Greener Futures is 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 people were 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.
Karl Harder, Joint Managing Director of Abundance, said: “Islington residents and green investors from across the UK have come together to support Islington’s efforts to tackle the climate emergency.
"As the first London borough to raise money through a Municipal Investment, we hope it will set an example for others across the capital to follow.”
Islington Council is working hard to address the climate emergency, and Islington Greener Futures is one of a number of initiatives designed to help create a cleaner, greener, healthier future for local people.
The council recently launched a new microsite which helps local people find out more about the ways they can reduce their carbon footprint, and make pledges to change their habits to support the environment.
Islington is also benefitting from its 36th School Street, its first Library of Things, and a world-first retrofitted and refurbished twin pack electric refuse collection vehicle – a once diesel vehicle which has been given a fully electric engine.
Further information on 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 i 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).
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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).
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