Southwark Council wants to turn the borough into a green haven and is asking residents to help it make the dream possible.
The council has come up with a scheme and is now urging locals and businesses in the area to invest in a range of green projects which will see them earn a “low-risk fixed return” back.
The plan is the first of its kind and is set to be the UK’s largest council community investment idea to help regenerate the area.
Known as the Southwark Green Investment, it will see residents part with £5 minimum to be involved.
Launched today (Wednesday, February 28), the council hopes it will raise £6 million by 2030 across several “raise” drives.
The first raise - taking place now - will look to raise £1 million, and offers an attractive low-risk, fixed 4.6 per cent return for investors, with the money plugged into green projects to help the area thrive.
The council says round one is planned to fund a range of climate-friendly projects including the installation of cycle hangars, new LED street lighting, and green upgrades at schools and leisure centres in the area.
Anyone can take part in Southwark Green Investment, regardless of residency, with the council promising a fixed return of 4.6 per cent a year, over a five-year term.
Deputy Cabinet Member for Green Finance, Councillor Emily Hickson, said: "We’re taking urgent action in Southwark to tackle the climate emergency – but we know the scale of the challenge means we can’t do it alone.
“Southwark Green Investment presents an unprecedented opportunity for our community to contribute to a sustainable future while reaping financial benefits. By investing as little as £5, residents can help us hit our ambitious net-zero target and foster a greener, fairer, and safer Southwark."
The council added that returns on the investments will be distributed biannually into investors' accounts, offering flexibility to withdraw or reinvest funds as people wish.
Councillor Hickman continued: “For more information and support, please visit the Abundance help centre, email support@abundanceinvestment.com, or call 0203 475 8666.”
