Labour councillor Minesh Parekh has announced an exciting new project to launch later this year to race to net zero, and anyone can get involved. 

In December 2024, Sheffield City Council voted to create Local Climate Bonds, with a plan to launch the bonds later this year. 

Climate Bonds have been compared to climate crowdfunding as members of the public invest their own money to pay for local green initiatives. The money will be returned to the investors with interest. 

The bonds are more appealing to council finance officers, who are reluctant to authorise borrowing large sums of money due to high borrowing rates. Municipal bonds tend to be cheaper and less risky, offering a safer means to invest in local infrastructure. 

Coun Parekh encouraged people in Crookes and Crosspool to invest in the Climate Bonds. 

Coun Parekh said: “(The Bonds) are an interesting concept because it recognises actually we shouldn’t just wait for the government to give us more money. 

“As much as I’m happy that the general election brought in a Labour government, it hasn’t stepped up with the funding we need to challenge the climate crisis. So it’s recognising that and trying to do something immediate.”

Other councils such as West Berkshire and Warrington led the way in 2020, and both met their £1 million crowdfunding target. The money was used to develop their renewable energy capacity.

Coun Parekh explained that the Sheffield Bonds could be used for both micro and macro scale projects, depending on the amount raised.

Sheffield projects could include travel infrastructure, so cycle and walking lanes, flood defences or mitigation, tree planting.

West Berkshire invested funds into solar panels for council buildings. 

Warrington and West Berkshire both reached their £1 million crowdfunding target. 

Coun Parekh believes: “We can at least match that.” 

The legal limit the council can raise per round of crowdfunding is £1 million. Coun Parekh explained there can be more than one bond raise at a time. The council will identify a few different projects and start a new bond raiser before each project.