HF Council Seeks to Borrow to Invest in Green Projects
Residents can lend money to scheme which aims to raise £5million
Cllr Rowan Ree promoting the council's new fund
November 20, 2023
Hammersmith and Fulham Council is seeking investment for a fund which will invest in environmental projects in the area.
It is soliciting £5 million from local residents and businesses in return for a fixed return of 4.85% with the interest paid every six months. The investment is basically a loan to the local authority and is similar to other schemes launched by other councils including Camden. If it raises the full amount, it will be the largest fund raised by a local authority for green projects.
The H&F Green Investment scheme was launched by H&F Council on Wednesday 15 November and it is planned to raise the target amount in several tranches with the first raising £1million.
The council says it will help fund measures to improve green parks and open spaces, expand sustainable drainage networks, and install bike hangars and mobility hubs.
Projects such of the installation if solar panels and heat pumps could also benefit from the fund as well as new cycle lanes.
The investment is Green Loan Principles compliant and is being issued under a Green Finance Framework. This is a voluntary standard which aims to assures investors that funds raised can only be used to help them deliver on eligible green projects from within this framework, and Abundance will monitor the use of funds across the investment term to ensure the principles are being adhered to.
If you wish to invest you will need to set up an account with Abundance Investment, which is arranging this investment on behalf of Hammersmith & Fulham. You can then deposit money and invest right away.
“Hammersmith & Fulham Council is at the forefront of the green finance revolution,” said Cllr Rowan Ree, H&F Cabinet Member for Finance and Reform.
“Investors know that their money is being invested in projects that will make a positive impact on our communities and people’s lives. It also means that the council can deliver climate and ecological projects cost-effectively, which will help save taxpayer money. It’s a rare win-win.”
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