NatWest has beaten its sustainable energy funding target, providing £3.5bn of lending to UK renewable energy and energy efficiency projects over the past three years.
The bank, which set a three year target of £3bn in 2015, has now committed to funding £10bn to the sustainable energy sector by 2020 – helping to accelerate the transition to a low carbon economy.
The bank supported nearly 1,500 transactions throughout 2015 to 2017. Lending to the solar sector made up the most significant section of support, accounting for 41% of the funding, followed by wind at 25%, biomass at 9% and anaerobic digestion smart meters and energy efficiency projects all at 2%.
Richard Saint, Managing Director of Energy Infrastructure & Industrials at NatWest, said: “This is a huge achievement, demonstrating our strong commitment to the low carbon economy and the jobs, businesses and communities that rely on it. It also highlights the attractiveness of the UK for investment in the low carbon goods and services sector for British businesses.”
The new figures were announced this week at the Low Carbon Vehicle Partnership’s 15th anniversary celebrations in Westminster where NatWest in association with Lombard, have been named as the first financial partners for the group.
Richard added: “NatWest and Lombard are delighted to be the first financial partners for LowCVP. How we use energy for transportation is changing dramatically– low carbon and electric vehicles are an increasing area of growth and can make a real impact to helping the UK’s ambition to become a low carbon economy.
“We are committed to becoming a more sustainable bank; a more responsible company, doing business in a more sustainable way and helping our customers do so too.”