Last month, Islington Council launched Islington Greener Futures, London’s first Community Municipal Investment (CMI), to give local people the opportunity to invest as little as £5 to support a range of environmentally-friendly, Islington-based initiatives.

Less than a month since opening, Islington Greener Futures is already halfway towards its £1 million target, surpassing the £500,000 mark on Sunday, 21 November, thanks to investment from more than 400 people.

The CMI is being 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 Islington residents are 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.

Islington is one of the six London boroughs most at risk to climate change, yet 91% of its emissions are not caused by the council itself – highlighting the fact that a borough-wide effort is needed to address the climate emergency. The Islington Greener Futures CMI provides local people with the opportunity to help play their part by supporting a range of projects, including:

• 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: “We know that the climate emergency is a very real, very pressing issue that requires urgent action.

“That is why we have launched Islington Greener Futures – to provide people with the opportunity to invest as little as £5 in projects that make a tangible difference and help create a cleaner, greener, healthier Islington for everyone.

“We know that local people are passionate about playing their part in tackling the climate emergency, and this is reflected in the fact Islington Greener Futures has already raised £500,000. We’re grateful to those that have already invested, and there’s still plenty of time for more local people to take part and enjoy the environmental and financial benefits that Islington Greener Futures can bring.”

The launch of Islington Greener Futures is one of many steps the council is taking to address the climate emergency, including the introduction of people-friendly streets, delivering greener, cheaper energy to hundreds of local people, and managing London’s largest Carbon Offset fund.

As part of its pioneering approach to tackling the climate change, the council has also recently launched Islington’s 36th School Street, opened the borough’s first Library of Things to encourage sustainable re-use, and unveiled its first retrofitted twin pack refuse collection vehicle – a once diesel vehicle which has been given a fully electric engine.

Karl Harder, Cofounder and Joint Managing Director of Abundance Investment, said: “Having been born and bred in Islington, I’m really pleased to see the strong response from local investors to London’s first ever CMI.

“As its name suggests, Islington Greener Futures helps give ordinary people a direct stake in the future we want and need in the borough.”

More information and details on how to invest in the Islington Greener Futures can be found on Abundance’s website.