- CMA's independent survey scores banks on quality of service
- VTB reaches agreement on the acquisition of Bank Vozrozhdenie
- House purchase activity slowed in June but remortgaging activity remains high, says UK Finance
- FCA makes it easier for customers to use and compare current accounts
- FreeAgent secures Open Banking registration from FCA
- New FCA rules double pressure on traditional banks to provide seamless service, says Intelenet
- Deutsche Bank Wealth Management steps up growth plans expired
- DevOps adoption will accelerate over the next two years in the financial services sector, finds Claranet expired
- NatWest and RBS launch 2018 Student Account expired
- Fundsquire hires new UK Managing Director expired
- Robo-advice will offer competitive advantage to traditional wealth managers, says GlobalData expired
- RBS launches the ‘100 Women’ event series 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.”