NatWest to lend £1bn to manufacturers driving net zero
2 June 2023
NatWest, one of several high street banks with a dedicated lending offer for low carbon projects, has announced a landmark commitment to help manufacturers invest in clean and energy-saving assets.
The pledge to provide £1 billion in extra lending to manufacturers by 2030 is part of NatWest’s plans to help businesses towards net zero and halve the climate impact of its financing activity by the end of the decade.
UK manufacturing is responsible for 12 per cent of the UK’s total greenhouse gas emissions and among the most energy-intensive business sectors. NatWest’s additional support will focus on helping companies to invest in cleaner, more efficient forms of energy generation and use, and will be deployed through loans, asset finance and overdrafts.
The commitment follows recent predictions that energy costs will likely remain higher than historical levels for the rest of the 2020s, while the imperative to act on carbon emissions is never far from the headlines.
NatWest became the latest in a string of commercial banks to launch a specialist finance offer for clean energy investments in 2022. It has also launched its own free online Carbon Planner tool, which allows any business to measure its carbon footprint and build a plan to reduce their emissions.
Earlier this year, NatWest Group’s CEO Alison Rose was appointed Co-chair of the UK Energy Efficiency Task Force, a new group set up by government to support its target of cutting energy use in buildings by 15 per cent by 2030, from 2021 levels. Commenting on NatWest’s lending commitment, she said:
“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.”
Greater Manchester manufacturers new to the concept of net zero are encouraged to join the next cohort of the fully funded Low Carbon Skills: Journey to Net Zero programme – an accredited level 3 and CPD-certified course that guides organisations through what net zero means for their business and how to prioritise action.
SME manufacturers can also access expert one-to-one advice from our Sustainability and Net Zero Service, as well as further resources from Greater Manchester’s Bee Net Zero initiative.