Today, Cllr David Boothroyd, Labour’s cabinet member for Finance and Council Reform, signed the Green Finance Institute’s “Local Climate Bond Pledge”
Labour’s already working on achieving one of our key climate pledges!
- We’re exploring the launch of a Local Climate Bond within the next 18 months
- We’ll have specific local net-zero projects we’ll be raising funding for
- We’ll provide public updates on the measurable impacts
What is a Local Climate Bond?
Climate bonds are a new way for Westminster Council to raise funds that are then invested in projects around Westminster that improve residents’ quality of life and help us reach net-zero – projects like tree planting, retrofitting homes to reduce emissions and heat loss, district heating schemes or local solar.
Climate bonds work like either investment bonds or gilts, with low risk and fixed return, and can be invested in with as little as £5. They’re a proven way for local governments to safely raise funds while also letting residents invest in greening their communities.
The bond will launch later this year.
Cllr Ryan Jude, Deputy Cabinet Member for Climate Action and Biodiversity, said:
“Local Climate Bonds are a fantastic way to involve local residents in the council’s climate transition plans, and raise additional funding for local green projects. Delivering a Local Climate Bond was a key Labour manifesto pledge, and our swift delivery to sign the pledge shows our commitment to real climate action as a priority in the first ever Labour Westminster administration.”