QUESTIONS have been raised about a pilot to pay for plans to tackle the climate crisis, as it emerged the scheme will be funded by the European Union. 

West Berkshire Council is aiming to raise £1 million by issuing bonds to investors, to pay for projects that would reduce carbon emissions in the district, like solar panels or planting trees.

If the pilot is successful, it could be ramped up to borrow much more money. 

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At a meeting of the executive on December 19, the scheme received cross-party support — although opposition councillors raised questions about how it will initially be paid for, and the scale. 

Councillor Ross Mackinnon (Con, Bradfield), lead for finance, said: “This is an opportunity for residents to take a personal stake in the council’s environment strategy and … to use their savings to take a stake in the council’s climate change plans.” 

A starting investment will cost as little as £5, and the borrowing cost to the council would be lower than it currently is through central government — the Treasury’s public works loan board.

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But the due diligence for the pilot will be paid for by a £25,000 EU grant. The UK is due to leave the EU on January 31, in little over a month. 

Cllr Carolyne Culver (Green, Ridgeway), leader of the Green group, said she welcomes this ‘really good idea’. But she asked about the EU Grant. “Will we lose it?” 

Cllr Adrian Abbs (Lib Dem, Wash Common) also asked for ‘more assurance’ on the EU grant. 

In response, Cllr Mackinnon said: “I have no doubts about the EU grant.” 

The scale of the pilot was also questioned. Cllr Abbs said: “This is nowhere near what we are going to need. Are we not being ambitious enough? To pilot at this level will not have any real impact on what we need to do.” 

Cllr Mackinnon said: “We are not suggesting this is all the funding available for the environment strategy. We shouldn’t rush into a scheme without testing the waters first.”

The environment strategy will lay out how the council plans to get West Berkshire to carbon neutral by 2030. A draft will be published in January when the public will have six weeks to give their views on the plans. 

The final strategy is due to be approved on April 30. The bond pilot is expected to launch in the middle of 2020, and will be administered by investment company Abundance.