Issue - meetings

It was MOVED, SECONDED and RESOLVED to

1. Sign the Green Finance Institute’s “Local Climate Bond Pledge”;
2. Subject to Full Council approval of the Treasury Management Strategy at its meeting on 23 November 2022, agree the launch of the Lewisham Climate Action Bond;
3. Delegate to the Executive Director for Corporate Resources the appointment of a Financial Conduct Authority (FCA) regulated loan counterparty and platform provider to launch the Bond;
4. To note the plan to launch an initial Climate Action Bond for £1m with a 5 year maturity at a rate which will match or undercut PWLB borrowing rates, and delegate to the Executive Director for Corporate Resources to agree the final terms of the bond including value, maturity and rate;
5. To note the plan to use the proceeds to part fund a package of approved programmes that contribute to a net reduction in carbon emissions in the Borough and delegate to the Executive Director for Corporate Resources, in consultation with the Executive Director for Housing, Regeneration and Public Realm, to amend the schedule of projects if required. 

The Mayor and Cabinet considered an open officer report and a presentation by Councillor Amanda de Ryk, Cabinet Member for Finance and Strategy. It was MOVED, SECONDED and RESOLVED to:

1.         Sign the Green Finance Institute’s “Local Climate Bond Pledge”;

2.         Subject to Full Council approval of the Treasury Management Strategy at its meeting on 23 November 2022, agree the launch of the Lewisham Climate Action Bond;

3.         Delegate to the Executive Director for Corporate Resources the appointment of a Financial Conduct Authority (FCA) regulated loan counterparty and platform provider to launch the Bond;

4.         To note the plan to launch an initial Climate Action Bond for £1m with a 5 year maturity at a rate which will match or undercut PWLB borrowing rates, and delegate to the Executive Director for Corporate Resources to agree the final terms of the bond including value, maturity and rate; and

5.         To note the plan to use the proceeds to part fund a package of approved programmes that contribute to a net reduction in carbon emissions in the Borough and delegate to the Executive Director for Corporate Resources, in consultation with the Executive Director for Housing, Regeneration and Public Realm, to amend the schedule of projects if required.