Lloyds to cut carbon by more than half in next decade

24 January 2020 by Grace Coleman
blog author

Lloyds Banking Group has announced an ambitious goal to reduce carbon by more than 50 per cent over the next ten years for a greener future.

The UK’s largest domestic financial services group aims to accelerate working with customers, government and the market to help halve the carbon emissions it finances by
2030 - the estimated equivalent of removing emissions produced by almost a quarter of UK homes.

Lloyds wants to contribute to tackle the urgent climate change issues by growing the green economy and promoting green finance for future business to flourish in the UK.

It supports the UK’s Net Zero and the Paris Agreement and believes the size and scale of the company will be beneficial in driving change to boost the economy.

The group has said it will require more from all organisations and government to enable the transition as such a reduction of carbon emissions will call for new ways of
working for its customers and clients.

As a first step, Lloyds Banking Group will announce green products and services this year, to support and invest in greener finance for the UK, to help customers make the
necessary lifestyle changes in their homes, vehicles and investments to support them to invest in tackling climate change.

Businesses will be supported by Lloyds when financing their investments in the green economy with an improvement in the energy efficiency of commercial buildings.

António Horta-Osório, group chief executive, said: “The next decade will be crucial for protecting the planet for future generations, and financial services has a critical role
to play.

“We are fully committed to supporting our customers, clients and colleagues to transition to a low carbon economy, working closely with other organisations and government to create the solutions that will accelerate progress and ultimately help Britain prosper.”

Lloyds Banking Group has also announced a new partnership with the Woodland Trust to plant ten million trees over the next ten years, which will reduce the impact of climate
change by absorbing carbon dioxide, expanding the UK’s carbon sink and helping to reforest the UK.