NatWest has declared its intention to lend a further £1 billion to the UK manufacturing industry by the end of 2030 to further the progress of net zero targets by implementing clean technologies.
NatWest Group announced it was making funds available to those entities that adhere to its Climate and Sustainable Funding and Financing Inclusion Criteria. This criterion aligns with the bank's goal to reduce its financing activities' climate impact by at least half by 2030 and have a net zero emission portfolio by 2050.
NatWest and the Warwick Manufacturing Group are joining forces to launch an initiative to help manufacturing companies use the Business Energy Aid Toolkit programme, provided by the bank, to analyze their energy consumption and detect opportunities for savings.
According to NatWest, companies that have already gone through the programme have achieved at least a 12% reduction in their energy consumption, with the average savings being 21%.
The bank has made available a Carbon Planner tool free of charge to manufacturers. This portal enables businesses to assess their carbon footprint and devise a strategy to decrease their emissions uncomplicatedly.
Alison Rose, head of the NatWest Group and a co-leader of the government-backed UK Energy Efficiency Task Force, expressed that: "_ Manufacturing has a significant impact on the UK's financial system and its carbon emissions, so companies in this field must be helped to shift to greener, more sustainable operations beneficially, meaning the advantages should outweigh the costs. This is why we intend to lend £1bn to the manufacturing sector to help them transition to achieving net-zero emissions.
My role in the UK Energy Efficiency Task Force has made it evident that the most effective way of achieving widespread change is when the public and private sectors collaborate. NatWest has taken the lead in aiding organizations to make progress well-informed and supportedly.
Professor David Greenwood, CEO of the WMG Centre High-Value Manufacturing Catapult at the University of Warwick, expressed his approval of the move, underlining the necessity of swift action to fulfil the government's aim of cutting total energy demand by 15% relative to 2021 levels by 2030.
The speaker noted that UK manufacturers still face costly energy costs, which puts them at a disadvantage worldwide. WMG and NatWest have joined forces to help the UK industry achieve financial success while protecting the environment. Their BEAT (Business Energy Action Toolkit) initiative is already helping small and medium-sized manufacturers to manage their energy expenses, make informed decisions, and maintain or boost their profitability.
At Molineux Stadium in Wolverhampton, NatWest is hosting its first Regional Growth Conference, with more than 250 business representatives, policymakers, and specialists present to encourage growth, team effort, and investment in the West Midlands.