Sheffield climate bond scheme raises £700,000 in first few weeks
Sheffield City Council launched Sheffield Climate Investment at the beginning of this month
A scheme to invest in projects to help tackle climate change has already raised more than £700,000 in its first few weeks.
Sheffield City Council launched Sheffield Climate Investment at the beginning of this month. An investment of as little as £5 can help the council to fund practical local cimate projects.
The council’s director of investment, climate change and planning William Stewart told the strategy and resources committee last week (Deember 17) that the scheme had already raised £700,000.
Projects funded could include fitting solar panels on schools to help cut bills, planting trees, work on council homes to create warmer homes and lower energy bills or providing more EV car chargers.
That council said that it launched the scheme because public funding alone cannot meet the challenge facing the city. This involves new and innovative ways of mobilising private and community investment.
The first projects are expected to be completed by the end of spring 2027, the council said.
The investment, which is operated through investment organisation Abundance, runs for five years. Investors receive interest payments every six months and the original sum will be returned at the end of the five-year term.
To find out how to take part, visit the council’s Sheffield Climate Investment webpage at https://www.abundanceinvestment.com/council/sheffield
Coun Ben Miskell, chair of the council’s transport, regeneration and climate policy committee, said at the start of the scheme: “Sheffield Climate Investment gives everyone in our city – from individuals to businesses – a simple, practical way to help play their part and tackle climate change.
“From just £5, you can help us deliver the infrastructure, expertise and local projects that will protect our people, support our future prosperity, and safeguard our planet.
“The threat of climate change is very real and becoming more visible every day, whether in Sheffield or across the world. We all have a part to play. This is Sheffield working together for a greener, fairer future.”
A report to the council last month said that “pioneering UK councils” have collectively raised more than £18.4 million to invest in local climate projects. They include West Berkshire, Warrington, Blaenau Gwent, Bristol City Council and London boroughs including Islington and Hackney.