Banks launch £50m eco fund
Banking giants NatWest and RBS have unveiled plans to create a £50m renewable energy fund. The cash will be available for businesses looking to install wind turbines and solar panels to enhance their green credentials.
NatWest and RBS said the new fund would also contribute to the UK’s target of 15 per cent of energy coming from renewables by 2020.
As well as the introduction of the £50m fund, the banks will also create a 200-strong, nationwide renewable energy team to help customers deal with planning, completing feasibility studies and making environmental impact assessments to help speed the process up of application.
According to research undertaken by the two banks, 33 per cent of agriculture businesses want to deploy renewable energy to reduce farm running costs and carbon emissions.
Ian Burrow, head of agriculture and renewable energy at RBS, said: "We’re serious about being at the forefront of helping UK businesses switch to a more sustainable way of meeting their energy needs.
"We have nearly 200 relationship managers trained in covering the technical, legal and financial considerations specific to renewable energy - no other bank can offer this depth of knowledge and level of service to SMEs."
Alongside agriculture businesses, the fund could extend to companies involved in hydro energy and other technologies, said the banks.
