Lloyds Banking Group through Lloyds Bank and Bank of Scotland Commercial Banking, will become the first UK business bank to offer customers access to a digital app that allows them to identify and make energy-efficient investments in their buildings.
The app, which was announced by Lloyds Banking Group Chief Executive António Horta-Osório at the Green Finance Summit in London, calculates how various energy-saving initiatives would affect the energy performance certificate (EPC) rating of buildings.
The rollout, which is due to commence over the coming months, is the latest initiative as part of the Group’s sustainability strategy. It complements existing schemes such as the £2 billion Clean Growth Finance Initiative, which provided £140m of funding to Hornsea One off the Yorkshire coast, the world’s biggest wind farm, among other projects. In addition to this, the Group has already committed £1 billion support to improve the energy efficiency of large Commercial Real Estate clients by funding them to become more energy efficient by 2020.
The new app, which has been designed and built by sustainability consultancy CFP Green Buildings, will be available to selected clients during the pilot phase and then rolled out more widely to Commercial Banking clients. It will allow Commercial Banking relationship teams to help customers evaluate potential investments and understand the positive impact on energy efficiency and costs.
A quarter of the buildings within the City of London have already been evaluated by CFP, the analysis shows that 186.000 tons of CO2-savings can be made just from greening retrofitting budgets in the coming 10 years. Overall, UK Businesses could stand to save £4.5 billion* on their energy bills by 2030 by taking appropriate steps in relation to their carbon footprint.
We believe that together we can help change how the UK spends and invests its money. Making it work harder for all of us and generations to come by investing it sustainably and responsibly.
– Scott Barton, MD Large Corporates at Lloyds Bank Commercial Banking
As part of its role in Helping Britain Prosper, Lloyds Bank has committed to increasing net lending to start-ups, SMEs and Mid-Market businesses by £6bn in 2018-20, while also providing support to renewable energy projects that could power 5m UK homes.