May 3, 2018

Barclays announces new Green Trade Loan for clean energy projects

Renewable Energy
Waste Management
Energy Efficiency
Sophie Chapman
2 min
The British bank, Barclays, has revealed its new loans product that aims to encourage businesses to invest in green 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.

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“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.

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Jun 23, 2021

HyNet North West and InterGen to build Zero Carbon plant

zerocarbon
Energy
Hydrogen
Liverpool
Dominic Ellis
3 min
Expected to open in the mid-2020s, the partnership could reduce the CO2 emissions from the Runcorn power station by over 150,000 tonnes each year

HyNet North West and InterGen are to create a low carbon power station at the independent power producer's Rocksavage Power plant in Liverpool City region.  

Expected to begin in the mid-2020s, the partnership could reduce the CO2 emissions from the Runcorn power station by over 150,000 tonnes each year, the equivalent of taking 60,000 cars off the road every year.

Situated across one of the UK’s largest industrial areas which supports the highest number of manufacturing jobs of any UK region, HyNet North West will bring clean growth to safeguard jobs, and create thousands of new employment opportunities.

Following a commitment of £72 million in funding, HyNet North West will transform the North West into the world’s first low carbon industrial cluster, playing a critical role in the UK’s transition to ‘net zero’ greenhouse gas emissions by 2050 and the global fight against climate change.

HyNet North West will begin decarbonising the North West and North Wales region from 2025, replacing fossil fuels currently used for electricity generation, industry, heating homes and transportation with clean hydrogen. The project will also capture and lock up carbon which is currently emitted into the atmosphere.

It anticipates that by 2028, Rocksavage will have enough hydrogen produced by HyNet to move towards a 100% net zero power generation power station as the Gas Turbine technology becomes available. 

InterGen’s Rocksavage Plant Manager Dan Fosberg said Rocksavage has been safely generating energy to power the north west for nearly 25 years, but in order to meet the UK’s net zero targets, traditional generation needs to adapt.

"HyNet North West will allow us to pivot our operations as we transition to a low-carbon world. The proximity of the Rocksavage Power Plant to the HyNet North West hydrogen network provides us with an exciting and unique opportunity," he said.

As soon as the first stage of the hydrogen network is available at Runcorn, InterGen intends to modify the existing generating plant to consume a blend of hydrogen with natural gas and start to reduce our emissions.

The HyNet North West project milestones mean that Rocksavage could be the first plant in the UK to blend Hydrogen with natural gas, a step forward for the industry in the target for net-zero. Once the gas turbine technology becomes available, it will explore options with HyNet North West to create a zero emissions power station using 100% hydrogen. 

The project will play a big part in supporting Liverpool City Region in its commitment to reach zero carbon by 2040 and accelerate the UK’s transition to net zero by 2050. 

Steve Rotheram, Metro Mayor of Liverpool City Region, said: “Putting the Liverpool City Region at the heart of the Green Industrial Revolution is one of my top priorities. With our existing strengths in green energy, we have the potential to become the UK’s renewable energy coast. 

“I am committed to doubling the number of green jobs in our region and exciting projects like HyNet will be a key part of that. We’re going to lead the way, not only in doing our bit to tackle climate change, but in pioneering new and innovative technology that in turn attracts more jobs and investment to our region.”

David Parkin, HyNet North West Project Director, said HyNet North West will play a big part in tackling climate change regionally. "It will ensure the region remains an attractive location for investment and for companies to grow through the establishment of a clean economy, protection of skilled jobs and creation of thousands of new long-term employment opportunities.

“Our partnership with InterGen at Rocksavage shows just how great an impact HyNet will have on the region – decarbonising homes, workplaces, travel and industry.”

HyNet North West is a low carbon energy project at the forefront of the UK’s journey to a Net Zero future, being developed by a consortium comprising Progressive Energy, Cadent, Essar, Inovyn, Eni, University of Chester, CF Fertilisers and Hanson.

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