Deadline for investing in Islington’s green fund extended until end of January

Islington Council leader Cllr Kaya Comer-Schwartz tries out the borough’s cargo bike scheme. Photograph: Islington Council

The deadline to invest in London’s first council green fund has been extended.

Islington launched its Greener Futures Fund in October to raise £1m towards projects that help counter the climate emergency.

The borough is one of six in London most at risk of the effects of climate change such as flooding and high temperatures.

Politicians said residents could invest as little as £5 to fund projects to improve air quality, such as its school streets scheme,  improving recycling rates, and putting in electric vehicle charging points.

The council has reached 85 per cent of its target and has raised £853,393 towards the fund and has extended the cut-off date for investing by a month.

By 17 January, 43 Islington residents had invested £139,340.

A council spokesman said: “Local investors have on average invested more than double the amount that non-local investors have.”

People who live in Islington or elsewhere can now invest until the new 31 January deadline.

The money could also go towards better recycling facilities and putting in LED lights and solar panels on public buildings, cutting harmful carbon emissions and electricity bills.

The five-year community municipal investment (CMI) fund means people can invest from £5 to a maximum of £20,000 for a fixed 1.55 per cent tax-free return over the next five years.

The scheme is run by Abundance Investment and is the first one in the country eligible for the Innovative Finance ISA.

Rowena Champion, the council’s executive member for environment and transport, said: “We know that local people are passionate about playing their part in tackling the climate emergency, and this is reflected in the fact Islington Greener Futures has already raised more than £850,000.

“We’re grateful to those that have already invested, and as there’s fewer than two weeks to go before the final deadline for investment, we’re continuing to encourage more people to take part to enjoy the environmental and financial benefits that Islington Greener Futures can bring.”

Camden Council is planning to reveal details of its own scheme this year.

Islington has an ambitious target to become a net-zero carbon borough by 2030 and announced a climate emergency in 2019.

Investors will get interest every six months and their original investment will be paid back after five years.

West Berkshire council became the first in the UK to launch  a green scheme in 2020 when it raised £1m from 640 investors.

Warrington Borough council in Cheshire also launched a fund in 2020 to raise £1m for a new solar farm near Cirencester in Gloucestershire.