Laura Sharman 14 October 2020

Council raises £1m through UK's first local government green bond

Council raises £1m through UKs first local government green bond image

The UK's first local government green bond has reached its target of raising £1m for West Berkshire District council five days early.

The Community Municipal Investment (CMI) attracted 640 investors in total, with 22% of funds raised from local residents.

The bond, developed by ethical investment platform Abundance, will help fund green infrastructure such as installing solar panels on council buildings and creating new cycleways.

Lynne Doherty, leader of West Berkshire Council, said: 'I’m very pleased that this innovative way of funding the delivery of our environment strategy has had such a strong uptake from local people.

'Not only is it saving the council money, but it has allowed local people to get directly involved with our plans to reach Net Zero in the next decade.'

Warrington Council is also raising funds through a CMI and has already achieved over half of its target. Leeds City Council is expected to launch its own CMI later this year.

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