NatWest pledges £1b in lending to boost UK green manufacturing

By Gloria Methri

The NatWest Group plans to provide an additional £1 billion in lending to the UK manufacturing sector by the end of 2030, to help manufacturers invest in efficient forms of energy generation and use.

Manufacturing in the UK is responsible for nearly 10% of total economic output and over 8% of all employment in the UK. However, it is believed to be a significant contributor to greenhouse gas emissions, with over 12% of the UK total attributed to the sector. As the industry is likely to remain energy-intensive, NatWest aims to offer support to those in the sector through lending, partnerships and tailored financial advice.

The bank is also partnering with Warwick Manufacturing Group (WMG) to pilot with customers the opportunity to join their Business Energy Aid Toolkit program. The program identifies the energy use involved in the business processes and production and recommends actions to reduce overall emissions. The bank also offers its free Carbon Planner tool, which lets businesses measure their carbon footprint and build a plan to reduce emissions on a simple online portal.

Alison Rose DBE, Chief Executive, NatWest Group and Co-chair of UK Energy Efficiency Task Force said, “Manufacturing is a significant contributor to both the economy and UK carbon emissions, and it is important that businesses in this sector are supported to transition to cleaner, more sustainable operations in a positive way, where the benefits outweigh the costs. That is why we aim to provide an additional £ 1 billion of lending to the manufacturing sector, to help businesses in transitioning to a net-zero economy.”

He added, “As part of my role on the UK Energy Efficiency Task Force, it has become clear that the best way of delivering change at scale is through public and private sectors working together. For NatWest, that starts with helping businesses move forward in an informed and supported way.”