A new investment scheme has been launched to tackle climate change by funding electric vehicle chargers and solar panels in Gloucestershire. Cotswold District Council launched the Cotswold Climate Investment this week which allows people to invest directly in a cleaner, greener and healthier future for all.
People will be able to invest from just £5 to support a range of Cotswolds-based projects to help tackle the climate emergency. Cotswold District Council leader Joe Harris (LD, St Michael’s) said he was delighted to announce the scheme which is Gloucestershire’s first municipal community investment which aims to raise £500,000.
Some £300,000 will be used to improve energy efficiency and reduce carbon emissions from council offices in Cirencester, while the remaining £200,000 will fund 10 EV charges in the district. Cllr Harris said it would help the local authority bring about real change and advance its vision of a net zero district.
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He said: “Working with the people of the Cotswolds, we aim to make the Cotswolds cleaner, greener and healthier. It is the first such investment to be issued by the council and the first in the county of Gloucestershire. Residents can put their money to work to make a real difference in achieving the Council’s 2030 vision to reduce emissions and create safer, cleaner streets across the district.
“Everyone in our community has the opportunity to get involved by investing from £5 in this climate investment, which aims to raise £500,000 to support a range of Cotswolds-based projects that will help tackle the climate emergency. Not only will people contribute to these fantastic projects, but it will also provide local people with the opportunity to invest and make a return locally. »
The Cotswold Climate Investment is launched in partnership with Abundance Investment, the UK’s first and largest regulated green investment platform. The minimum investment is just £5, and this investment allows investors to earn 2.1% fixed interest per annum, before tax, with interest and principal repayments every six months throughout the duration of the investment. It will also be able to be held in an innovative funding ISA, which means people will be able to get tax-free returns on their investment.
The investment program aims to raise £500,000 to support a range of projects including the installation of publicly accessible off-street electric vehicle (EVCP) charging points in the neighborhood to encourage the uptake of electric vehicles and the improvement of the Council’s energy and carbon performance. Cirencester Offices.
By March 2023, the first phase of the AVCP program will install 10 charging stations:
One at the Beeches car park in Cirencester
Four at Council offices in Cirencester
Four at Rissington Road car park in Bourton on the Water
One at Old Market Way in Moreton in Marsh
Two of these charging points are already in place but will be replaced by the latest technologies. Actions to improve energy efficiency and reduce carbon emissions from the council’s offices in Cirencester include:
- Installation of solar panels
- Updated lights to LED to reduce power consumption
- Insulation to reduce heat loss
- Building modifications to allow for more efficient use of space and energy
Abundance Investment Co-Founder and Co-CEO Bruce Davis said: “As a local resident, it is doubly enjoyable to have the opportunity to invest alongside my own local community to fund projects that will help put the district on the path to NetZero We have created these climate investments to give ordinary people access to a lower risk way to make a green investment and the Cotswolds are leading the way, we hope other local authorities across the Southwest will follow.
In September last year, the council became one of the first in the UK to pledge to issue a climate bond, signing the Green Finance Institute’s Local Climate Bond Pledge..
Emma Harvey, Program Director at the Green Finance Institute, said: “Local Climate Bonds have the ability to promote and strengthen the role of local governments in achieving national net zero ambitions, while providing access to cost-effective finance. and improving engagement with the local. community. Therefore, it is very exciting to see Cotswold District Council follow through on its commitment to issue a local climate bond as part of the Green Finance Institute campaign with Abundance Investment.
As with all investments, the investor’s capital is at risk. Investments are long term and may not be readily achievable. The board says their communication has been approved as a financial promotion by Abundance Investment, which is authorized and regulated by the Financial Conduct Authority (525432).
Cotswold District Council declared a climate emergency in July 2019, and since then has adopted its Climate Emergency Strategy, consulted with residents to create a local plan that is ‘green to the core’ and rolled out its box Net Zero Carbon Toolkit, an easy-to-follow tool to help plan a net zero housing project and advice for homeowners looking to renovate or expand their existing property.