Environmental campaigners have welcomed a pledge by Lloyds Banking Group to halve the amount of carbon emissions it finances through personal and business loans by 2030.
The commitment comes as lenders face heightened criticism over their role in fuelling the climate crisis by funding projects and companies that rely heavily on fossil fuels.
Lloyds did not go into detail about how it would achieve that goal over the next decade, but said it would start by creating “green products and services” that would make it easier for customers to make lifestyle changes aimed at tackling the climate emergency.
Lloyds, which is the UK’s largest domestic bank with 26 million customers, is designing a green mortgage that will lend money to customers looking to improve the energy efficiency of their homes and developing a way for customers to compare the carbon impact of vehicles before they buy.
The bank will also continue to offer discounted loans to businesses if those funds are aimed at reducing their environmental impact.