Hackney Council is aiming to raise £500,000 in the latest fundraising round of its Green Investment Programme.
Businesses and residents will be offered a fixed annual interest rate of 4.2 per cent if they invest, with a minimum of £5 requested for the investment.
The council’s Green Investment program aims to raise a total of £5m to help install green energy infrastructure, such as solar panels and EV chargers for electric cars, by 2030.
The plans will “create a greener, healthier borough”
Cllr Sarah Young, a cabinet member for the council’s Climate, Environment and Transport, said: “The scheme will make the borough more sustainable, reducing bills and providing a secure return for investors.”
The scheme has been criticised for being incomplete. Alastair Binnie-Lubbock, a Green councillor for Hackney Downs, said: “I would like to see the council investing more in retrofitting its housing stock, which saves residents money, divesting its pension fund from fossil fuels and helping residents eat a more plant-based diet.”
But Cllr Robert Chapman, a cabinet member for Finance, Insourcing and Customer Services, said the plans are key to “create a greener, healthier borough”.
The announcement comes as Labour, prioritising growth, look set to scrap their £22bn carbon capture project.
Hackney Council has already introduced a series of green measures, including the Community Energy Fund and the Hackney Green Homes Programme, which aims to improve energy standards in private housing.
The scheme aims to reduce the energy bills for important infrastructure, such as schools and hospitals.
Mark Purcell, a spokesperson for the Homerton Hospital Trust, said he was “supportive” of the initiative, adding that it aligns with their green targets and that it has been welcomed by the community.
Vadim Goss is the correspondent for Hackney Downs. He has previously written for Palatinate — Durham University's award-winning newspaper, where he served as an editor. He has also written for Indigo Magazine, Wayzgoose Magazine, and The Dove where he was editor-in-chief. If you need anyone for a pub quiz on The Great Gatsby, he is your man.
