Eastbourne council among first to support climate bonds campaign

The campaign was launched this summer by the Green Finance Institute and Abundance Investment to raise awareness and support councils through the process of releasing their own bonds, a spokesperson for Eastbourne Borough Council (EBC) said.

The bonds allow the council to raise money through a crowdfunding model, with residents able to invest from as little as £5.

Funding could then be used for clean energy initiatives such as wind farms and solar panel installations or climate action projects from rewilding to electric vehicle planning.

Councillor Jonathan Dow, cabinet member for climate change, said, “I am delighted we are among the first councils in the country to support this campaign, underlining our commitment to delivering a carbon neutral town by 2030.

“This is one of various steps being taken towards that goal and particularly attractive because it would give local residents the option of investing some of their savings, which in turn contributes to helping our town tackle the climate emergency.”

By supporting the campaign, EBC has committed to exploring the launch of local climate bonds within 18 months of the global climate conference COP26, this November.

Karl Harder, co-founder and managing director of Abundance Investment, said, “Local councils will play a vital role in the success of the UK’s transition to net zero, and launching a local climate bond has proven an effective way to galvanise local interest and energy.

“Individually the challenge of the climate emergency can feel daunting but by investing together we can kick start hundreds of local green revolutions, investing from £5.”

EBC recently completed the Net Zero Innovation Programme funded by the Local Government Association. To see the report on the work, including how the council might progress with climate bonds, click here.