£2bn of new funding to help UK businesses invest in a more sustainable future and increase productivity has been announced today by Lloyds Banking Group.
The Clean Growth Finance scheme aims to deliver the most inclusive UK green funding in the market by providing the incentive of discounted lending to help businesses invest in reducing their environmental impact as well as boosting productivity more generally.
The funding will support all Commercial Banking clients across multiple ‘green lending’ ambitions allowing businesses to:
- reduce carbon and greenhouse gas emissions for business processes, properties and infrastructure
- increase energy efficiency and make environmental sustainability improvements
- invest in low carbon vehicles and transport
- improve water efficiency
- reduce waste and improve recycling rates
The announcement brings Lloyds Banking Group’s total ‘green’ commitment to £3bn and builds on the existing £1bn support to improve the energy efficiency of large Commercial Real Estate, and the Helping Britain Prosper plan pledge to support projects powering 5m homes through renewable energy by 2020.
The Group has also partnered with the University of Cambridge Institute for Sustainability Leadership to provide specialist training to over 300 Relationship Managers to help them support clients’ transition to a more sustainable economy.
David Oldfield, Group Director Commercial Banking, said: “Businesses will continue to be a source of innovation and seize the opportunities presented by the global low carbon economy. Our funding will support small improvements in production, heating, transport, or environmental impact, right through to large scale renewable energy infrastructure. By building on our commitments to help clients with discounted finance for investments in sustainable business, we will in turn support the UK’s goals for clean growth. “
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