Lloyds Banking Group has launched a new £2 billion initiative to help UK businesses invest in sustainable projects.

The Clean Growth Finance scheme offers discounted finance to commercial banking clients to invest in reducing their environmental impacts and greenhouse gas emissions.

Projects for investment could include energy efficiency, low carbon vehicles and transport, water efficiency and waste and recycling.

The latest announcement brings the bank’s total green commitment to £3 billion.

It has also partnered with the University of Cambridge Institute for Sustainability Leadership to provide specialist training to more than 300 ‘Relationship Managers’ to help them support businesses’ transition to a more sustainable economy.

David Oldfield, Group Director Commercial Banking said: “Businesses will continue to be a source of innovation and seize the opportunities presented by the global low carbon economy. Our funding will support small improvements in production, heating, transport or environmental impact, right through to large-scale renewable energy infrastructure.”