A leading British bank has pledged to support sustainable manufacturing as part of its wider net zero value chain ambitions
British manufacturing is responsible for around a tenth of the UK’s total economic output. However, it’s also responsible for more than 12 percent of its greenhouse gas emissions.
The numbers don’t lie. Consequently, NatWest has pledged to provide an additional lending fund for UK manufacturers by the end of 2030.
More than £1 billion will help finance market activity and help companies further their net zero ambitions.
NatWest claims the increased funding will stimulate growth and help manufacturers invest in cleaner, more efficient forms of energy generation.
The British bank will deploy loans, asset finance, and overdrafts. However, companies must align with NatWest’s Climate and Sustainable Funding and Financing Inclusion criteria.
The bank also offers customers its free Carbon Planner tool, which allows UK businesses to measure their carbon footprint and build a strategy to reduce it.
“NatWest is proud to be a leading bank for UK business and a major supporter of the manufacturing sector across the country,” said Alison Rose, Chief Executive at NatWest.
“Manufacturing is a significant contributor to both the economy and UK carbon emissions, and so it’s important that businesses in this sector are supported to transition to cleaner, more sustainable operations in a positive way, where the benefits outweigh the costs.
“That’s why we aim to provide an additional £1billion of lending to the manufacturing sector, to help businesses in transitioning to a net zero economy.
“As part of my role on the UK Energy Efficiency Task Force, it has become clear that the best way of delivering change at scale is through public and private sectors working together.
“For NatWest, that starts with helping businesses move forward in an informed and supported way.”