RBS hits £1bn milestone for green loans

Royal Bank of Scotland (RBS) more than doubled its lending for sustainable energy projects las year. It provided around £1 billion of loans to businesses including SMEs and large corporates […]

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By Priyanka Shrestha

Royal Bank of Scotland (RBS) more than doubled its lending for sustainable energy projects las year.

It provided around £1 billion of loans to businesses including SMEs and large corporates looking to become more energy efficient.

RBS said the rise was driven by “significant increases” to solar and biomass projects, with lending for PV projects more than trebling to £450 million compared to 2014.

Lending for biomass rose from less than £50 million to more than £150 million last year.

Alison Rose, CEO of Commercial and Private Banking at RBS said: “Our record £1 billion of lending is a huge achievement, demonstrating our unwavering commitment to the low carbon economy and the jobs, businesses and communities that rely on it. It also highlights British businesses’ appetite for investing in renewable energy projects.”

Last year the bank announced it will be working with a consultant to offer energy efficiency advice to its customers.