£2bn green growth fund unveiled by Lloyds Bank

Lloyds Banking Group has ramped up its green credentials with news of a £2 billion initiative to help UK firms invest in environmentally friendly ventures.

The lender has launched its Clean Growth Finance scheme offering discounted finance to commercial banking clients investing in a lower carbon future.

It said the project aims to deliver the most inclusive UK green funding in the market with the incentive of discounted lending to help businesses invest in cutting their environmental impact as well as boosting productivity more generally.

Uses include increasing energy efficiency, making environmental sustainability improvements, and investing in low carbon vehicles and transport.

Lloyds also said the funding brings its total green commitment to £3bn. David Oldfield, group director commercial banking, said: “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.”