A proposal by Green Party Councillors to mobilise funding from the community to help address climate change has been backed by Sheffield City Council.
At a meeting of the Strategy and Resources Policy Committee on Wednesday 11th of December the Council supported a Green proposal to source funding from Sheffielders to help finance projects that reduce carbon emissions, save the Council energy costs and protect the city from the impacts of climate change.
Local Climate Bonds were first proposed by the Sheffield Green Councillors in a motion proposing a Renewable Energy Strategy for Sheffield in September 2022, and again in a Green Party Motion to the Council on 2nd November 2022 and again in a motion on tackling the Climate Emergency in February 2024
Local Climate Bonds are investments that will allow Sheffield people to invest directly in climate initiatives within their communities. They provide a low-risk, low-return financial product, but they also encourage community engagement and contribute to projects to tackle climate change.
A number of Councils from around the country have raised funding using Local Climate Bonds including West Berkshire District Council who used them to fund the installation of solar panels on Schools and also the London Borough of Hackney who intend to fund solar installations on schools and council housing. To date 12 Councils have issued Local Climate Bonds raising up to £1 million on each Bond issue.
Green Cllr Alexi Dimond, Deputy Chair of the Council’s Transport, Regeneration and Climate Committee said
“I’m really looking forward to seeing Sheffield City Council issue its first Local Climate Bond. It will help fund projects to reduce carbon emissions and will help save the Council money in lower energy bills. This is money that can be used on other front-line services.
“One of the advantages of Local Climate Bonds is that they are often cheaper than borrowing from other sources . This initiative is good for the planet but also the Council’s finances,
“Funding is raised via a Crowdfunding Platform and people can invest as little as £5. This makes having a stake in positive projects to address climate change accessible to most local people .
“Local Climate Bonds give people an opportunity to invest in action on climate change in their own community and providing them with a return on their investment,”
