Northern Gas Networks (NGN) has launched a green transition bond, open to the public and giving them the opportunity to invest in a hydrogen-ready network.

Working with Abundance, the ethical investment crowdfunding platform, to launch the bond which will help fund the upgrade of pipes to prepare the gas distribution network to transport hydrogen.

The investment seeks to raise £1m through a lower-risk, long term investment with returns of 1.6 per cent a year over a 10-year term. As with all Abundance products, the minimum investment is £5.

Mark Horsley, CEO, Northern Gas Networks, said: “At NGN, we’re delivering on a clear plan for a net-zero carbon network by 2050. Working in collaboration with our regulator, Ofgem, central government and the energy industry across the UK, our research is proving that hydrogen offers a safe, affordable and deliverable net-zero solution, and with this investment we want our customers to be involved in this important transition.”

From late spring 2021, NGN will be distributing a blend of hydrogen and natural gas to 670 homes near Gateshead, subject to approval from the Health and Safety Executive. Later in the year, it is planning its first live trials of 100 per cent hydrogen on an unoccupied section of network.

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