Southwark Council has launched its green investment scheme, nearly one year after passing a Lib Dem motion calling for the scheme to be implemented.
The scheme allows members of the public to invest in community projects in the council’s climate programme, including cycle hangars, solar panels and heat pumps.
The council has set a target of raising £6m through green investment by 2030.
Southwark Liberal Democrat deputy leader Cllr Rachel Bentley, who proposed the original motion, said the council is “playing catch up” after delaying launching the scheme.
Other local authorities such as Lewisham, Islington, Camden and Westminster have been using green investment to fund projects as far back as 2022. Westminster raised £1m in just nine days last year.
Commenting, Southwark Lib Dem deputy leader and PPC for Bermondsey & Old Southwark Cllr Rachel Bentley said:
“Nearly a year after passing a Lib Dem motion committing to climate bonds, we’re very glad to see Southwark’s green investment finally launched. Residents of Southwark now have the opportunity to fund projects that will directly benefit local communities and help tackle the climate emergency.
It does feel like Southwark is playing catch up here though. Westminster managed to raise £1m in just nine days last year, and other councils across the UK have already funded solar panels and EV charging through green investment.
We hope the long-awaited scheme is a success and that Labour reflects that success with ambitious projects matching the scale of action needed to go greener, faster.”
