Tag: flood prevention

Residents and businesses encouraged to invest for a greener, healthier and fairer Edinburgh

EDINBURGH GREEN INVESTMENT PROGRAMME

The city council has launched a new investment programme enabling residents and businesses to invest in projects that contribute to a healthier, inclusive and thriving city.

The new investment initiative will give residents and local businesses the opportunity to support projects that reduce climate damaging emissions, prepare for the impacts of climate change and help to protect nature.

The Council declared a climate emergency in 2019 and a nature emergency in 2023 reflecting the need for urgent and sustained action to reduce emissions and become a climate resilient and nature positive city.

Progress has already been made to make sure that Edinburgh is ready to cope with the challenges that a changing climate brings – the Climate Ready Edinburgh Plan and its associated  Implementation Plan include the approach the Council is taking to adapt and respond at a local and regional level.

While open to anyone, the new investment programme will enable Edinburgh residents and businesses to be actively involved by investing in projects that contribute to a healthier, inclusive and thriving city to live, work and do business in.

Funds will be used to deliver nature-based projects across the capital to reduce emissions, improve access to nature, offer cooler spaces during heatwaves, reduce flood risk during heavy rainstorms, and boost biodiversity.   

This investment phase will include tree planting and delivery of sustainable drainage systems such as rain gardens and rainwater planters in key parts of the city to prevent flooding.

The new investment programme, Edinburgh Green Investment, in partnership with Abundance Investment Ltd, encourages investment from a minimum of £5, with interest at a rate of 4.84%, paid every six months over the course of five years. The funding window will remain open until November 30 2026 or until the target of £1 million is reached.

Council Leader Jane Meagher said: “We’re already seeing the effects of a changing climate in Edinburgh with warmer and wetter weather causing damage to property, travel disruption, flooding and wildfires.

“When we declared a climate and nature emergency and set out our commitment to tackle the causes and consequences of a changing climate, we knew we couldn’t do it alone and would need the support of partner organisations, residents and businesses. It is encouraging that we are already making positive progress to make sure we’re prepared for the inevitable changes we face, but there’s more to do.

“I’m pleased that, alongside the projects and plans already in progress, our new investment initiative will enable our residents and businesses to play their part – helping to support the delivery of projects that will benefit the places where they live, work and visit. By working together, we can make a meaningful difference to ensure we’re ready to cope with a changing climate.”

UK economy risks collapse without urgent investment in nature

  • “There is no economy without nature” warns Dr Jeremy Leggett, ex Greenpeace Chief Scientific Advisor
  • Insurance companies, pension and investment funds are still financing fossil fuels – but urgently need to back nature recovery

The Green Finance Institute estimates that the UK is facing a finance gap of up to £97 billion to meet the UK’s nature-related targets by 2032. Without investment in climate mitigation, biodiversity restoration, flood prevention and other nature-related outcomes as outlined in public policy like the 25 Year Environment Plan, both our natural environment and economy face collapse.

Highlighting the urgent need for investment in nature, in the week that climate action group One Home reported that £600 million worth of homes are at risk of falling into the sea, Jeremy Leggett called on the UK’s financial sector to “step up or get washed away”.

Leggett, a former Chief Scientific Advisor to Greenpeace and founder of Solarcentury, one of the world’s most respected solar energy companies, is an experienced entrepreneur, who backed solar technology long before the government and financial institutions. Decades later, having proved his point with solar providing the cheapest energy available, he is now urging the financial sector to wake up to the facts and invest in the protection of nature.

“By continuing to invest in fossil fuels and related industries which destroy nature, institutional investors and many large funds are financing their own demise. There will be no business in a broken world. If big business does not invest in biodiversity and natural capital now, there will be no business.

He continued: “While the recent donation from Aviva of £38 million to the Wildlife Trust is a welcome development, donations are not a sustainable model for financing nature recover. Highlands Rewilding, and related projects, offer a new model for investment in nature-based solutions, with multiple revenue streams providing an economic and ecological return on investment.”

Having grown Solarcentury from a small South-London roofing company to a major international business deploying gigawatts of solar PV around the world, Leggett sold Solarcentury to Statkraft, which is owned by the Norwegian Ministry of Trade. But, rather than retire, Leggett invested his share of the proceeds – and raised more than £7 million – to start Highlands Rewilding, which currently owns two estates in Scotland.

“What we are doing here is opening up a pathway for businesses to finance nature recovery,” explains Leggett. “Humanity is at a tipping point which can go either way. Either we invest in the restoration of the natural environment, or we risk the complete collapse of civilization as we know it – including the economy.”

For the last few months Highlands Rewilding has been running a crowdfunding campaign, which has exceeded its initial target and raised over £700,000 from more than 400 individuals.

“Hundreds of citizens are helping to finance the vital nature recovery we so desperately need. But so far it is almost exclusively individuals who have stepped up to invest”, says Leggett.

“Government announcements, like the UK’s Ambitious roadmap for a cleaner, greener country, have pledged public money but the effort to halt biodiversity loss will need the backing of major investment funds, who are still sitting on the fence. The evidence is clear; Nature needs our help. But the major financial institutions are ignoring the warnings – and the opportunities.

“We saw it happen with renewables. Major finance was too slow to see the scale of the opportunity and too slow to come on board. Thankfully that situation changed but it took too long and we are living with the consequences. The situation is now even more urgent. Big business needs to back natural capital or the erosion of the economy will follow the same fate as the Norfolk coastline.”

Leggett is not alone in his assertions. Andy Howard, Global Head of Sustainable Investment points out that over half of global GDP, $44 trillion, is dependent on nature and its services, commenting: “The reality is stark: nature risk is fast becoming an integral factor to investment risk and returns”.

Dame Glenys Stacey, the chair of the government’s own Office for Environmental Protection commented that wildlife in particular was suffering “eye-watering” declines. “Species decline stands out – the rate of decline is inexorable,” she said. “This needs a lot of intervention, that is absolutely required.”

With the Treasury already stretched to its limits and further tax rises not compatible with the cost-of-living crisis it seems hard to imagine the government will be able to address the urgent funding gap at the required speed, or scale, to halt and reverse species decline. The only hope therefore is private sector finance and commercial capital.

In Scotland, Highlands Rewilding is performing a litmus test, entering the final quarter of its race to raise the required funds to scale nature recovery in Scotland. Their investment round is one of the first efforts after COP 15’s landmark biodiversity agreement, to break through the barrier of institutional finance.