Glasgow has become the first Scottish council to offer a municipal investment with the launch of its first £1 million round of Glasgow’s Green Investment.
The first phase will support the installation of solar panels on council buildings across the city. A second phase, due to begin early next year, aims to raise £1m for environmental improvements to the streetscape around schools and care facilities.
Community Municipal Investment projects are a great way to build a direct link between investment and community benefit, with successful projects using this platform elsewhere in the UK. Glasgow's scheme will offer a low-risk, fixed return investment opportunity for people, organisations and businesses in the city that will help take us closer to achieving our net zero target.
Using the finance from the investment scheme to support our solar panel programme underlines the potential of this approach to funding the city's project.
We've installed over 1700 solar panels on council buildings in the past year, which dramatically reduces the cost of running community facilities across the city. Plans are in place to add solar to a further 36 council buildings that will eventually provide the city with years and years of cost-free electricity.
Supporting Glasgow's CMI will contribute to our effort to cut carbon emissions, help save the city hundreds of thousands of pounds and provide a return for investors. It's a very effective way for people to be engaged and invested in Glasgow's plans to become a net zero city.
Councillor Angus Millar, City Convener for Climate