NatWest has unveiled plans to provide £1 billion in lending to the UK manufacturing sector by the end of 2030.
This move comes as part of the bank’s commitment to promote sustainability and assist manufacturers in adopting cleaner and more efficient forms of energy generation.
The lending will be channelled through various financial instruments, including loans, asset finance, and overdrafts.
However, it is important to note that eligibility depends on alignment with NatWest Group’s Climate and Sustainable Funding and Financing Inclusion Criteria, ensuring that the money is directed towards assets, activities and companies that meet stringent sustainability standards.
Commenting on the announcement, Alison Rose, Chief Executive of NatWest Group and Co-chair of the UK Energy Efficiency Taskforce emphasised the importance of collaboration between the public and private sectors in effecting large-scale change.
Rose said: “Manufacturing is a significant contributor to both the economy and UK carbon emissions, and so it’s 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.”