Green Councillors are welcoming Sheffield City Council plans to implement their proposal to introduce Local Climate Bonds to fund Renewable Energy installations.
Climate Bonds are investments that will allow Sheffielders to invest directly in renewable energy projects in the city. They are a low-risk financial product, which encourage local people to engage with projects to tackle climate change.
Sheffield Green Councillors first proposed Local Climate Bonds 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.
Several Councils have successfully raised over £18 million of 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 around £1 million on each Bond issue.
The proposal being put to next Wednesday’s Strategy and Resources Committee could raise approximately £10 million over the next 5 years for projects that could see the installation of solar panels on schools, council buildings and council housing.
Councillor Douglas Johnson, Chair of the Housing Committee said,
“We are really pleased that after a sustained campaign by Green Councillors, that our Climate Bonds initiative is due to be implemented by Sheffield City Council.
“It is a proposal that makes both environmental and financial sense. Financing projects in this way is comparable to using funds from the Public Works Loan Board. What is really exciting is that we will be harnessing money from our community to finance renewable energy projects and give local people a return on their investment.
“The Council is considering an initial proposal to use Local Climate bonds to help fund a Solar on Schools Programme. This would provide energy savings for the schools involved. It also gives an opportunity to demonstrate the benefits of solar technology to young people who may be inspired to consider a career in the growing renewable energy industry”
