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- Number of first-time buyers reaches its highest level since June 2017
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- UK Finance supports FCA plan to extend access to Ombudsman Service to smaller firms
- Monese launches business account in the UK, with Europe to follow soon
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- High-cost lenders should reassess their operational procedures, says Huntswood expired
- Mastercard is the first network to make signatures optional expired
- Federal Reserve study finds US payments fraud small but growing expired
- CEOs of big banks pull out of Saudi conference expired
- Study shows regional disparity in terms of where Angel investors are based and where they invest expired
7th August 2018
Lloyds strengthens support for low carbon economy with new coal policy
Lloyds Banking Group will no longer finance new coal-fired power stations or thermal coal mines as part of its support for the transition to a lower-carbon future. The decision builds on Lloyds Banking Group’s launch earlier this year of a £2bn Clean Growth Finance initiative, which saw it offer discounted financing to clients investing in a lower carbon future.
Its latest Helping Britain Prosper Plan also includes a commitment to power five million homes by 2020 through supporting renewable energy projects in the UK. Lloyds Banking Group will continue to work with existing clients whose operations include coal mining or power generated from coal, or supply equipment or services to these sectors, to actively support their transition to lower carbon models in line with the Paris Agreement.
David Oldfield, Group Director, Commercial Banking said: “We are already committed to supporting businesses that are leading the way by investing in renewable energy and a cleaner future, including those that are diversifying their business models away from fossil fuels.
“To achieve the aims set out in the 2015 Paris Agreement, continued reduction in the amount of coal mined and used to generate electricity is needed. This announcement reiterates our commitment to support the transition.”