A new bill, introduced to the House of Commons, is aiming to allow cooperatives and community associations to raise private investment for green purposes.
Introduced by Labour MP for Cardiff North, Anna McMorrin, the Green Share Bill had its first reading on 5 February and will look to back cooperatives and community organisations in unlocking sustainable investment, as well as creating local green jobs and skills. It is hoped it will lead to cheaper, greener energy, warmer, more energy efficient homes, and cheaper, more sustainable locally sourced food. This would include the retrofitting of existing housing association homes or the construction of zero-carbon new-build housing stock, an expansion of renewable energy cooperatives, and the community ownership of water utilities.
The bill also sets out safeguards to protect cooperatives from individuals or businesses seeking to liberate or asset strip a legacy asset through demutualisation.
Commenting on her Green Share Bill, McMorrin said: “The climate catastrophe is the greatest challenge of our generation. We’ve seen this evolve from theory to reality and now we need to make laws to enable our communities to rise to the challenge. This bill does just that as well as bringing secure green jobs and growth across the country including to those areas which have seen huge job losses. This really is a win-win for people, communities and investors, providing secure, green jobs and skills and creating a better, more sustainable living environment for all.”
The bill is set to have its second reading on 27 March.