Southwark Lib Dems Call for Local Climate Action Bonds in Southwark
The Southwark Lib Dem group has submitted a motion calling for the council to launch a Local Climate Action Bond scheme, allowing for public investment in local projects.
A Local Climate Bond is a type of Community Municipal Investment that allows members of the public to invest their money in specific, income generating projects that benefit the local community and have a positive climate impact.
Furthermore, investors can choose to give back the interest on their investments to fund smaller, non-income generating projects such as wildflower meadows.
The Lib Dem motion says Southwark must consult residents, through multi-ward forums, to discern which schemes would have the most benefit to each local community.
The motion will be debated and voted on at Southwark’s full council meeting on 22nd March.
The UK’s first Community Municipal Investment in West Berkshire raised £1m which was used in part to fund solar panel installation on public buildings.
Similar schemes have been launched by Lewisham, Islington and Camden – raising money for EV chargers, solar panels and other projects.
Commenting, Cllr Rachel Bentley, who proposed the motion, said:
“The Southwark Citizen’s Jury on Climate Change showed us all the pivotal role the local community can and must take in the council’s climate strategy. Launching a ‘Local Climate Action Bond’ scheme can further democratise Southwark’s approach to tackling the climate emergency.
This policy can have huge benefits for local communities – improving air quality and biodiversity while reducing emissions. Hopefully, Labour will also see these benefits and vote for our motion.”