Royal Bank of Scotland (RBS) announced on 18 April that over 2015 it lent over £1bn to support sustainable energy projects in the UK, more than doubling lending from 2014.
This rise was largely driven by increases in solar and biomass. Lending to solar more than trebled from the year before to £450mn, while lending to biomass schemes increased from £50mn to £150mn.
CEO of commercial and private banking at RBS, Alison Rose, said: “Our record £1bn of lending is a huge achievement, demonstrating our unwavering commitment to the low-carbon economy and the jobs, businesses and communities that rely on it. It also highlights British businesses’ appetite for investing in renewable energy projects.”
The funding comes as RBS looks to ramp up support for all businesses, from SMEs to large corporates, looking to become more energy efficient.