Southwark Council reaches £1 million milestone in record-breaking green investment scheme

10 May 2024

Southwark Council has successfully raised £1 million in its community investment scheme to help decarbonise schools, leisure centres and street lights, as well as delivering a range of other green projects.

With a total of 659 investors backing the scheme, including 111 local residents and businesses —a record level of local investment for similar community-based initiatives in the UK—Southwark's Green Investment scheme has achieved widespread support and participation. Notably, £305,930 was contributed by local residents, representing 30.6% of the total amount raised.

The funds raised will now be allocated to a range of green initiatives, including the installation of cycle hangars, implementation of new LED street lighting, and environmental upgrades at local schools and leisure centres. These projects align with the council's ambition to become net zero.

Councillor Kieron Williams, Leader of Southwark Council, said: "We are thrilled to see such overwhelming support from our community in achieving this milestone. The success of our green investment scheme demonstrates the power of collective action to improve our environment. This is just the beginning of our journey, we’ll be working with people across our borough and beyond, so together we can make Southwark greener and healthier."

Councillor Emily Hickson, Deputy Cabinet Member for Green Finance, highlighted the significance of the achievement, stating: “Amidst growing financial pressures, we’ve had to get creative in how we fund green projects. It’s reassuring to have our residents and the wider public show their support for green projects, that not only mitigate the impacts of climate change but also creating healthier and more vibrant communities for generations to come”.

This successful fundraising round represents the first phase of Southwark Council's ambitious plan to launch the UK's largest council community investment scheme for green projects, with a target of raising £6 million by 2030. The response from over 400 locals who signed up but missed out on the chance to invest underscores the growing momentum and demand for future investment opportunities. The council plans to build on this by holding these raises regularly and is already making plans for the next round of Southwark Green Investment.

The process was managed by Abundance Investment on behalf of Southwark Council, a leading platform facilitating ethical and sustainable investments.

Returns on investments will be distributed biannually into investors' Abundance accounts, offering flexibility to withdraw or reinvest funds as desired.

Karl Harder, Co-founder and Joint Managing Director of Abundance Investment, said: “Southwark residents have really stepped up and demonstrated their support for their council’s climate plan by backing Southwark green investment in record numbers. We look forward to seeing the projects funded through the investment delivered, and working with Southwark and their residents to fund the borough’s next steps on their journey to a greener future."

Page last updated: 10 May 2024