Lloyds Bank announces further £2bn funding for sustainable investment

Doubts Over Government Economic Plans Hit Banking Shares
The new round of funding raises the bank’s commitment to drive sustainable investment in the UK to £3bn. (Source: Getty)

Lloyds Bank today announced £2bn of fresh funding to help UK businesses invest more sustainably.

The funding will be part of the Clean Growth Finance Scheme.

Lloyds said: “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 new round of funding raises the bank’s commitment to drive sustainable investment in the UK to £3bn.

Read more: Value of green bonds issued hit record of nearly $30bn in first quarter

Lloyds said the funding would support all commercial banking clients across businesses to:

  • Reduce greenhouse and carbon gas emissions for business processes, properties and infrastructure

  • Increase energy efficiency

  • Invest in low carbon transport

  • Improve water efficiency

  • Reduce waste and improve recycling rates

Lloyds said: “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 British bank has also partnered with the University of Cambridge Institute for Sustainability Leadership to provide specialised training to more than 300 relationship managers. Lloyds said the training would help support clients’ transition to a more sustainable economy.

Read more: Business must lead the way towards a more sustainable future

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