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Council climate bond: pioneering experiments from the SocialRES partner Abundance

Residents and municipalities together for a decarbonized future

Climate Change and Environment
Energy

The SocialRES partner Abundance is a pioneer organization in the field of democratic finance, a term that Abundance itself created to describe a finance that “works better when it is open to all”. Working with West Berkshire and Warrington Borough Council, Abundance has recently developed a new climate financial product which enables residents to invest in the decarbonisation of their region via their municipal government using a council climate bond. The product creates a powerful, low cost route for municipalities to raise finance from within their region, while also engaging residents with the municipalities’ decarbonisation plans in the process creating a collective sense of purpose around delivering Net Zero at a regional level. Following the successful pilot of the Climate Bond with Warrington and West Berkshire, Abundance is hoping to launch bonds with three new councils in 2021. Climate bonds are among those solutions to reduce non-technological gaps that impede the widespread uptake of social innovation business and service models in the energy sector, representing a cornerstone of the SocialRES approach. The active participation of citizens and the collaboration of public local governments will be key factors in the development of a real energy democracy. Political actors and stakeholders can play the role of fundamental supporter in this process. More details about tradeable climate bonds developed by Abundance can be consulted on our Resources section. In particular, this report gives a complete overview of the climate bonds issued by West Berkshire District Council.

Keywords

climate bond, decarbonized, climate financial, energy