Southwark council has committed to introducing a local climate bonds scheme after a Lib Dem motion was passed at council assembly this Wednesday.
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.
Similar schemes have been launched by Westminster, Lewisham, Islington and Camden – raising money for EV chargers, solar panels and other projects.
The Lib Dem motion commits Southwark to using Multi-Ward Forums for consultation with residents to decide which schemes will have the most benefit for local communities.
In light of the success of these schemes in other borough, the motion called for immediate introduction of climate bonds in Southwark.
Labour, however, amended the motion to delay introduction to an unspecified time within “the next financial year”.
Southwark Lib Dem Local Economy Spokesperson Cllr Rachel Bentley said, “Obviously we are very glad the council has agreed to our proposal of starting a climate bonds scheme. This public investment can fund projects that will directly benefit local communities and help tackle the climate emergency.
We are, however, disappointed with the lack of detail and urgency Labour are showing. There are ready made crowd-funding platforms. Using one of these platforms, Westminster raised their goal of £1m in just nine days earlier this month. Labour need to stop dragging their heels and start this scheme promptly.”