In October, the council launched Islington Greener Futures, London’s first Community Municipal Investment (CMI), to provide people with the opportunity to invest as little as £5 to support local, environmentally-friendly initiatives and take a real stake in the future of Islington.

The council is aiming to raise a total of £1 million and, with less than a week to go before it closes on Monday, 31 January 2022, more than £960,000 has already been invested in Islington Greener Futures. More than £190,000 of this has been invested by 49 local investors and, with just a few days until the deadline, the council is encouraging more local people to invest and potentially receive a financial return.

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. Islington Greener Futures 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 are committed to tackling the climate emergency and creating a cleaner, greener, healthier borough, but we can only do that together with local people.

“Through Islington Greener Futures, we’re enabling local people to play their part in tackling the climate emergency by investing as little as £5 and taking a real stake in the future of our borough.

“We’re so close to our target of raising £1 million and, with just a few days to go until Islington Greener Futures closes, it’s the last chance for local people to take part.”

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.

Karl Harder, Joint Managing Director of Abundance, said: “It is great to see that the idea of investing with your local council to fight climate change has resonated so strongly with local investors who have individually contributed more than double the average investment so far.

“We look forward to this being the start of a long and rewarding relationship between the council and its citizen investors”.

Islington Council is working tirelessly to address the climate emergency, and Islington Greener Futures is one of a number of initiatives designed to help create a cleaner, greener, healthier future for local people.

Earlier this week, the council launched a new microsite which helps local people find out more about the ways they can reduce their carbon footprint, and make pledges to change their habits to support the environment.

Islington is also benefitting from its 36^th School Street, its first Library of Things, and a world-first retrofitted and refurbished twin pack electric refuse collection vehicle – a once diesel vehicle which has been given a fully electric engine.

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