Southwark Council have launched an ambitious community green investment project, aiming to raise £6 million by 2030.
A statement from the council on Tuesday said that Southwark Green Investment would be asking for a minimum £5 donation from people and businesses interested in order to help finance green projects.
The council added that its first raise is £1 million, which they are aiming to reach by the 27th of May.
Emily Hickson, Deputy Cabinet Member for Green Finance, said: “We’re taking urgent action to tackle the climate emergency, but the scale of the challenge means we cannot do this alone.
“Southwark Green Investment presents an unprecedented opportunity for our community to contribute to our community.
“By donating, residents can help achieve our net-zero goals and foster a greener, fairer, safer Southwark.”
The scheme will be processed by investment company Abundance Investment who specialise in facilitating ethical and sustainable investments.
Investments will be made on a 4.6% interest rate which will see a biannual return into investors’ Abundance accounts, at which point they can decide if they wish to reinvest or withdraw their funds.
Investors have a 14 day refund period from when they make their investment should they change their mind.
The initial £1 million target that the council have set will be used to invest money into more cycle hangers, new LED street lighting and green updates for schools and leisure centres.
Should the scheme achieve its aim and make £6 million by 2030, it will use the invested money into a myriad of projects from the Climate Programme such as renewable energy and heating, waste reduction and climate resilience projects.
Hugh Wedderburn, 63, who lives by Borough Tube Station, said: “I think greening is a fantastic idea so as long as it is affordable, why not?”
When asked about whether he believes the scheme would be successful, he said: “We have to try haven’t we, as the world is going to hell otherwise.”
Similar schemes have been set up by councils so far. Lewisham Council announced a £1 million scheme in May last year and Hammersmith & Fulham Council also announced a plan back in November.
At the time of writing, the amount of money that has been invested in the scheme is around £167,959 with 200 investors.
If any individuals or businesses is interested in investing in the scheme, they can do so by heading to the Abundance Investment website.
Featured image credit: Stephen Craven and licensed for reuse under this Creative Commons Licence
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