Member Article

Climate Investment reaches £1m target to help tackle climate crisis in Camden

Camden Climate Investment, an innovative Community Municipal Investment (CMI), giving residents and organisations the opportunity to invest directly in a more sustainable future for the borough, has reached its target of a £1m investment.

The investment will help to directly fund a range of local climate projects that are part of the Camden Climate Action Plan, including:

• Installing electric vehicle charging points to encourage residents to switch to electric vehicles.
• Continuing the rollout of the Council’s Healthy School Streets initiative, which aims to improve air quality and the local environment around schools.
• Contributing to the replacement of the Council’s fleet of diesel and petrol vehicles with green alternatives.
• Installing solar panels on public buildings to reduce carbon emissions and the cost of electricity.

We will soon begin work on using the investment to turn these projects into reality.

Councillor Georgia Gould, Leader of Camden Council said: “I would like to thank everyone, from residents to local businesses, who has supported the Camden Climate Investment. “We are proud of our record on climate action, and through our Climate Action Plan we’ve committed to do all that we can to help make Camden a zero-carbon borough and we’ve already helped to cut CO2 emissions across Camden by 51%.

“However, we need to go further and faster, the recent extreme weather and wildfires that affected boroughs in London and flooding experienced by over 100 properties in Camden last summer are a reminder of the reality of the climate crisis and the work we all need to do to address these events.

“We can only do this by working closely with residents, businesses and organisations across Camden. The Camden Climate Investment is one of the innovative ways we’re taking action with our communities.”

Councillor Adam Harrison, Cabinet member for a Sustainable Camden said: “The £1m raised will fund a range of projects across the borough, from installing solar panels on more public buildings to increasing the number of electric vehicle charging points and helping to make streets around our schools safer and less polluted through our Healthy Schools Street programme.”

Councillor Richard Olszewski, Cabinet Member for Finance and Cost of Living said: “The Community Municipal Investment (CMI), which is in partnership with ethical crowdfunding platform Abundance Investment, offered 1.75% interest per year fixed, before tax. Investors will receive interest on their investment from the Council every six months, and their original investment back after five years.

“Camden Council will continue to provide updates on how the funds raised from the investment are spent and looks forward to launching further products in the future to support its climate action work.”

Remus Brett, General Partner, Local Globe said: “We are committed to supporting our local community. We see the great work that Camden are doing, and it aligns with our intention to make positive climate impact as a net zero organisation.

“As a venture capital firm, we believe talented and ambitious founders can play a huge part in solving the climate crisis. We have already invested in 15 start- ups focusing on solving different parts of the climate crisis. We are very much aligned with the Council’s goals regarding air quality, green mobility and renewable energy and we’re excited to hear how the projects progress.”

Eylon Garfunkel, LabTech CEO, said: “Our ownership of 16 acres of retail, residential, and commercial space in Camden, including the world-famous Camden Market, makes us one of the most important stakeholders in the Borough and we want to play a big role in supporting our local communities.

“Last year we invested in the Camden Highline project, and now we are backing a plan that will have a long-lasting positive impact here. This initiative is much like Camden Market in terms of its innovation and collaborative approach, and we are proud to be working with the Council to help create a more sustainable future for the people who live, work, and spend their leisure time in Camden.”

Bruce Davis, co-founder and joint managing director of Abundance Investment: “Camden Council and their residents have stepped up to the challenge of taking meaningful action to tackle the climate crisis, raising £1m to fund projects in their own community and setting an example for other councils in London and across the UK to follow.”

This was posted in Bdaily's Members' News section by Nick Thornton .