Barclays announces new Green Trade Loan for clean energy projects
The British bank, Barclays, has revealed its new loans product that aims to encourage businesses to invest in green projects.
The Green Trade Loan will help companies secure working capital in order to finance projects related to renewable energy, energy efficiency, and waste management.
The bank, with help from Sustainalytics, has released specifics on how to qualify for the loan in its Barclays Green Product Framework.
“Late last year, we launched a range of products to encourage more environmentally conscious activity from our clients, but knew that developing a dedicated proposition to meet working capital needs and targeted at increasing sustainable trade was also required to support UK businesses’ aspirations,” said Baihas Bagdadi, Global Head of Trade and Working Capital at Barclays.
“We’re proud that the Barclays Green Trade Loan is now available to facilitate more green trade and hope that it will play a big part in building momentum in support of the transition to a low-carbon future.”
Last year the financer launched a variety of Green Loans, focusing on UK clients in need of £3mn (US$4.08mn) or more in funding.
In April, Barclays announced its Green Home Mortgage scheme, providing home buyers with better mortgage deals if they were buying new energy-efficient houses.