NatWest plans £1bn injection into UK manufacturing to aid net zero transition
The bank aims to achieve net zero across financed emissions, AUM and operational chain value by 2050.
NatWest is upping its efforts to at least half the climate impact of its financing activity by 2030 by aiming to provide an additional £1bn in lending to the manufacturing sector by the same year.
It hopes to stimulate growth in the sector while also helping manufacturers invest in cleaner and more efficient forms of energy generation and use.
The lending will be deployed through a range of loans, asset finance and overdrafts and the funds will be eligible to companies aligned with NatWest Group’s climate and sustainable funding and financing inclusion criteria.
“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,” NatWest Group CEO Alison Rose DBE said.
“That’s why we aim to provide an additional £1bn of lending to the Manufacturing sector, to help businesses in transitioning to a net-zero economy.”
Alongside her role at NatWest, Rose is also co-chair of the UK Energy Efficiency Task Force, which was established to support the reduction of energy demand through “accelerated delivery of energy efficiency”.
“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,” Rose continued.
“For NatWest, that starts with helping businesses move forward in an informed and supported way.”
With manufacturing in the UK responsible for nearly 10 per cent of all economic output and over 12 per cent of greenhouse gases in the UK, NatWest aims to offer support to the sector through lending, partnerships and tailored financial advice.