Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: July 15, 2025

Purpose: Seeking approval for necessary steps to enable the delivery of a Local Climate Bond in financial year 2025/26, to raise funding from private investors including local people in support of the Council’s carbon reduction activities.

Content: RESOLVED that Cabinet authorises the Executive Director: Resources in consultation with the Borough Solicitor to enter into the necessary legal agreements with Abundance Investment Ltd to develop a Local Climate Bond proposal for Bracknell Forest, to be launched in December 2025.   RECOMMENDED that Council approves an update to the Treasury Management Strategy to include Local Climate Bonds, to enable the Council to raise funds from the public, as proposed in paragraph 6.7.

Reasons for the decision: i.       Local Climate Bonds (LCBs) represent an innovative form of financing climate action which simultaneously help to engage residents and support the retention of value from investments in the local area which have now been successfully adopted by 15 local authorities.   ii.     Launching an LCB would respond to the Council motion of 13 September 2023, which invited the executive to “Explore the feasibility of raising a Bracknell Forest Local Climate Bond […] to support decarbonisation projects throughout the borough.”

Alternative options considered: The council could continue to raise capital finance through borrowing from the Public Works Loans Board to fund its capital programme priorities, including those aimed at reducing carbon emissions. This would have a very similar cost of borrowing than an LCB but would require less administrative work for officers. Importantly, however, this would not secure the expected benefits from community climate engagement and in the retention of economic benefit from climate investments in the local area.