Westminster Council green investment scheme launched

Westminster Green Investment is run in partnership with the ethical crowdfunding platform Abundance Investment, in a bid to allow locals to invest in sustainability projects.

Initially, the first round of funding aims to raise £1m from residents, which will help pay for a number of new eco-initiatives in the immediate area. 

The scheme is open to individuals and businesses, who can contribute as little as £5 to the cause, with a 4.2% return in interest each year for five years. Each individual investment will see a payout of capital every six months, including a portion of the initial outlay and interest.

Those who choose to can donate their interest back, which will go towards further green projects in the area. Investments can also be held in an Innovative Finance ISA, offering tax-free returns. All contributions will help towards Westminster City Council becoming a net zero authority by 2030, and net zero city by 2040.

In order to improve transparency, policymakers recently published a Green Finance Framework – a voluntary standard setting out how the council will manage future green projects. Only those that meet this criteria will be eligible for funding through Westminster Green Investment. 

‘The City of Westminster has some of the highest carbon emissions in the country by local authority area and we need to find ways to reduce city-wide emissions by 91,000 tonnes a year if we’re to meet our goal of being a net zero city by 2040,’ said Cllr David Boothroyd, Cabinet Member for Finance and Council Reform at Westminster City Council.

‘We declared a climate emergency in 2019 and have already introduced measures to reduce our own emissions including improving 450 council homes with energy efficiency measures, running climate education workshops in primary schools, installing energy conservation measures in over 60 council buildings and launching the council’s Environmental Justice Measure and Sustainable City Charter,’ he continued. 

Last month, the Greener Futures Fund launched a new round, with a focus on environmental initiatives in Westminster. Applications are being accepted until 31st March 2023. Full details of the scheme are available here. 

Image: Westminster City Council