New eco bank support for ‘net-zero’ farmers

Farmers are set to benefit from a new pilot service offered by the Soil Association and Lloyds Banking Group to help speed up the transition to net-zero agriculture.

The Soil Association Exchange seeks to support British farmers as they improve their ecological footprint and the overall sustainability of their operations.

The initiative will cover soil health, carbon emissions, water quality, biodiversity, animal health, and the social and community impacts of the farm. It also aims to capture lessons from farmers to help create advice, guidance and support applicable across the industry.

Lloyds Banking Group, which Bank of Scotland is part of, has announced it will fund the service for up to 1,000 of its largest agriculture customers and is now offering discounted finance for initiatives that make farms more sustainable, with a 1% discount on loans of up to £50,000.

Joseph Gridley, director of the Soil Association Exchange, noted that the service was developed in collaboration with Scottish farmers and with Scottish farms in mind.

“Twelve Scottish farmers have already signed up for the service, and we will be working with more than 100 Scottish farms in 2023,” he said.

The Bank of Scotland’s area director for agriculture, Ian Collins, added: “This is a challenging time for agriculture as farms face high and rising costs.

“We want to help farms tackle the root causes of these challenges, accelerate their steps to meet net-zero ambitions and become more economically and environmentally

sustainable. We have a world-beating industry that has shown its ability to adapt and innovate to provide high-quality food to the domestic and international markets.

“We’re proud to continue our support for the sector. The introduction of the Exchange, a new, practical

sustainability service, will help farmers unlock the benefits that becoming more environmentally sustainable can bring.”

Minette Batters, NFU president south of the border, said it was vital for investors to support climate-smart farming with business resilience and on-the-ground,

practical support to farms across the UK.

“Farmers are crying out for specialist expertise to baseline and prioritise their progress to net-zero,” she said.

For more information on the Soil Association Exchange, visit soilassociation exchange.com

Bank of Scotland’s area director for agriculture, Ian Collins, says this in an economically challenging time for farmers.

DANGLING THE CARROT: Lloyds Banking Group is offering a 1% discount on loans of up to £50,000 to organic farmers.