Hammersmith & Fulham’s Green Investment Fund has generated £908,916 so far and is looking to reach £1million by 13 February 2024 to fund sustainable green projects that aim to tackle climate change.
A total of 816 investors have invested in the scheme so far that funds sustainable projects such as eco-friendly drainage systems and bike hangers.
What is the H&F Green Investment?
The H&G Green Investment is a local authority security that allows the residents and local businesses to invest as little as £5 while making a fixed return of 4.85% on a low risk investment across five years.
Cllr Rowan Ree, H&F Cabinet Member for Finance and Reform said: “The scheme is win, win, win – for the investor they get a long term low risk investment, for the council this allows us to raise funds in ways that otherwise we wouldn’t be able to and perhaps the biggest win is for the climate as it allows us to carry out these environmental projects in the borough.”
The scheme launched in November and is helping to work towards the council’s plans to become a carbon net zero borough by 2030.
500 new bike hangers have already been installed using part-funding from the Investment Fund with other plans for the investment including restoring a wildlife pond in Ravenscourt Park and planting a Tiny Forest in Frank Banfield Park, Hammersmith.
There are several phases to the scheme to which the first will close once £1m has been raised.
Ree explained that the council are looking to raise up to £5m in the future making it the largest local government climate investment of its kind, five times bigger than anything that’s gone before it.
Future plans for the investment money include involving local businesses and community groups as well as ways to mitigate climate change through installing solar panels and flood defence systems.
Potential barriers to the scheme include the wider economy as this investment relies on residents and local businesses investment during what is already a tight time for money for some.
Casey Abaraonye, co-owner of Fulham cycle shop OMA Bikes, backs the scheme and said: “Everyone knows that we need to do something about climate change but they’re not sure what to do or how they can take part.
“The scheme is improving our lives directly – it’s for the community by the community, what’s not to like about that.”
Data from stolen-bikes.co.uk showed 25% of bike theft victims stopped cycling altogether which supports Abaraonye’s ideas on how the investment scheme bike hangar project benefits his business and the wider environment.
Those interested in investing in the scheme have until Tuesday 13 February to secure the current investment rate of 4.85%, which will expire once the £1million target has been raised.
Feature Image Credit: Hammersmith & Fulham Council