Winchester council votes against introducing municipal investments

The motion was proposed by green councillors Danny Lee and Malcolm Wallace at a meeting of Winchester City Council on Wednesday, January 17.

Cllr Lee said the introduction of CMIs, which have been brought in at nine local authorities across the UK, would work as a way to channel savings from residents into local projects.

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He said: “The take-up of CMIs is accelerating across the country. They were included in the Local Government Association’s guide to financing green ambitions and are being used by nine councils with another four council CMIs due by June.

“Winchester can learn from the CMI pioneers in developing appropriate local opportunities for local investors. I propose that full council resolves to continue to develop CMIs for Winchester, to request officers to identify carbon-saving and high-nature projects suited to CMI investments in conjunction with appropriate stakeholders. Once a suitable project is identified we can promote CMI as a way residents and institutions can contribute to our new net zero carbon and high nature Winchester district.”

Cllr Kelsie Learney, the Lib Dem Cabinet Member for Climate Emergency, opposed the motion. She said: “The problem with this motion is that the council should commit itself to borrow money and then identify a project to spend it on.

Cabinet member for climate emergency, Cllr Kelsie Learney (Image: Newsquest)“I can’t think of a green project we, as a council, could borrow for that has been rejected due to funding issues. Borrowing may fund a number of projects going forward, on the back of a sound business case showing how we can afford the loan. Developing CMIs is a project in itself that will take time and resources, and incur fees upfront and annually. We support the principle, they are in our policy, and there may be projects that the council wishes to carry out that would fit, but they may not be the most important projects we want to take forward.

“This is a solution in search of a problem.”

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Cllr Neil Bolton, Conservative, said: “I feel this is the responsibility of the treasury department – their job is to find the best financing in debt management and I feel that this puts the cart before the horse. I think I wouldn’t want to support this motion as it stands, although in principle there is nothing wrong with CMI.”

Cllr Neil Bolton (Image: Newsquest)Cllr John Tippett-Cooper, Lib Dem, said: “Climate Emergency UK assessed all councils on their actions on climate change, and WCC came fifth out of 164 councils. We do want first place, and we must continue that action, but it sounds like the spirit of the motion comes from a positive place, but the issue appears to be that it commits valuable officer time.”

Cllr John Tippett-Cooper Speaking in favour of the motion, Cllr Wallace said that the council is not on track to meet its net zero carbon emissions goal and that CMIs could help bridge the gap.

Only three councillors voted in favour with most Lib Dems and Conservatives voting against. There was one abstention.