A new £1 billion fund to help owners of commercial real estate improve the energy efficiency of buildings has been launched.
Lloyds Bank will support its clients’ adoption of energy-saving measures by providing loans of £10 million and above.
Those companies interested in getting the discounted loans from the fund will have to undergo a test to be eligible.
The bank expects the initiative to help cut carbon emissions by around 110,000 tonnes, equivalent to the annual energy use of more than 22,000 homes.
James Garvey, Managing Director, Head of Capital Markets at Lloyds Bank said: “With the built environment responsible for almost 40% of energy consumption as well as 36% of carbon emissions in the UK, incentivising and supporting green improvements for our real estate clients is a priority area of focus.
“At the same time, we see significant investor interest in green and sustainable assets across the capital markets spectrum. Therefore, we want to continue to take the lead in innovating products in order to help spur growth in this essential market.”
A group of MPs from the Energy and Climate Change Committee is calling on the government to reinstate the zero carbon homes policy to makes homes more energy efficient and help consumers save money on their bills.