Barclays launches new corporate banking products to fund green initiatives
Barclays has launched a range of new green corporate banking products as businesses increasingly focus on sustainability.
The British finance institution's new products will help clients in both the United Kingdom and further afield to fund sustainable projects. seen as essential with the country moving towards a low-carbon economy.
Among its new initiatives, Barclays will offer 'Green Loans' to bigger clients which could reach up to £3mn while 'Green Asset Finance' will give customers more flexible methods of financing assets.
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Small and medium-sized businesses will also be served by 'Green Innovation Finance', which will provide monetary support through the European Investment Fund.
"We’re seeing a step-change in how businesses approach sustainable investment," said Karl Nolson, Head of Global Lending Group, Barclays Corporate Banking. "For too long, green projects have been viewed as an added extra, but what we’re increasingly hearing from our clients is a shift in mindset, with sustainability becoming more central to their overall investment strategy.
"We share that view at Barclays and know that unless sustainability is at the heart of how companies conduct their operations, they will fall behind. As always, we want to help our clients stay ahead in an evolving world."
To develop its Green Product Framework, Barclays has worked with Sustainalytics, a global provider of environmental, social and corporate governance research and ratings.
Its President Bob Mann added: "We are delighted Barclays chose to work with Sustainalytics in the development of their Green Product Framework.
"The number of new green finance products is surging globally given positive drivers such as market regulations and increased client demand to create more sustainable products and services."