Issue - meetings
Green Finance Initiative Pledge to Launch a Community Municipal Investment Bond
Meeting: 05/07/2021 - Cabinet (Item 21)
21 Local Climate Bond Pledge 
PDF 121 KB
Purpose
To consider making a pledge to issue a Local Climate Bond using the Community Municipal Investment (‘’CMI’’) model.
Recommendation
That:
a) Cabinet agrees to pledge that it will issue a Local Climate Bond, using the CMI model.
Additional documents:
Minutes:
The Committee received a report from the Deputy Chief Executive which asked Members to consider making a pledge to issue a Local Climate Boned using the Community Municipal Investment (“CMI”) model.
The report advised that following the Council’s commitment to taking a Climate Emergency leadership role, it was working with partners on various initiatives to facilitate reduction of carbon emissions in the District. The Council’s Recovery Investment Strategy set out the Council’s strategic aims associated with planned investment of £54 million. The sources of funding for this investment were set out in the Council’s Treasury Management Strategy and included traditional borrowing from the Public Works Loan Board but also “special purpose companies created to enable local authority bond issues.” One such bond was a CMI.
It was noted that the use of a CMI would enable the Council to promote the work it was carrying out in relation to the Climate Emergency and would facilitate community buy-in to addressing the Climate Emergency throughout communities in the District. In addition, there were no direct financial implications because the issue of a Local Climate Bond, using the CMI model, would be subject to a further report to the Council.
An alternative option was that Cabinet could choose not to issue the CMI pledge.
Councillor Evemy introduced the report and highlighted paragraph 1.6 of the report which explained the provided some background to The Green Finance Institute. He concluded by stating that he hoped the pledge would strengthen the belief that Cotswold District Council were committed to tackling the Climate Emergency. Councillor Evemy proposed the recommendations as laid out.
Councillor Coxcoon provided some background on the climate bond and gave examples of other authorities already taking up the opportunities. She therefore seconded the proposals.
Following a question from Councillor Doherty, the Deputy Chief Executive explained that it was hoped this work would tie in with the other climate change projects the Council were pushing forwards with.
Having considered the report, and having heard from the Members present, Cabinet
Resolved to pledge to issue a Local Climate Bond, using the CMI model.
Record of Voting - for 8, against 0, abstention 0, absent 0.