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Islington to help residents invest in a greener borough
Islington Council is set to launch London’s first Community Municipal Investment to help provide local people with the chance to invest in a cleaner, greener, healthier borough.
Under the scheme, local people will be able to invest as little as £5 in the CMI, which aims to raise £1 million to support a range of Islington-based projects that will help tackle the climate emergency. The money will fund a range of real, local projects which are part of the council’s 2030 vision to cut emissions, increase recycling and create safer, cleaner streets across Islington.
The CMI will be the first in Britain eligible to be held in an Innovative Finance ISA. Local people investing will receive interest from the council every six months, and their investment back after five years.
Islington Council directly contributes just four per cent of the borough’s carbon emissions. Islington’s first Municipal Investment will give local people the chance to support a range of projects, including: the council’s 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; and the installation of solar panels on public buildings to reduce carbon and the cost of electricity.
Rowena Champion, executive member for Environment and Transport, said: “We are facing a climate emergency, and it’s clear that we need to take urgent action to protect our planet. A recent study revealed that nearly three-quarters of participants aged 16 to 25 fear for the future because of climate change – we owe it to present and future generations to act now, before it’s too late.
“We all have a part to play in addressing this and, by launching London’s first Community Municipal Investment, we’re giving people across Islington the opportunity to contribute towards local, national and global efforts to cut emissions and air pollution. With COP26 fast approaching, climate change issues are at the forefront of people’s minds, and by investing as little as £5 in the CMI, local people can help ensure a cleaner, greener, healthier future for Islington.”
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