Barclays launches tailored green products
The British bank, Barclays, has launched a number of tailored products in a bid to reposition itself in the green finance market.
The Bank has issued a range of Green Loans, that are to target UK clients who require more than £3mn (US$4mn) in funding.
The bank is also offering other loans and asset finance solutions to global projects and SME clients.
“Barclays, like so many of our clients, recognises that addressing environmental challenges is not only a necessity but a compelling economic opportunity,” reported Rhian-Mari Thomas, Chair of the Green Banking Council at Barclays.
“We already have an established presence in the green bond market as a successful lead arranger, investor and now issuer so we are delighted to be able to build on our expertise by launching new, innovative green products to help meet the booming demand for green finance from a broader cross-section of our clients.”
“We’re excited to be at the forefront of something so game-changing.”
Barclays has also launched Green Asset Finances for “green initiatives” and a green deposit system that allows larger clients to outline deposit funds against the bank’s green bonds.
In order to make this green update, the bank worked with Sustainalytics, ESG research providers, to create the framework.
Drax advances biomass strategy with Pinnacle acquisition
The Group’s enlarged supply chain will have access to 4.9 million tonnes of operational capacity from 2022. Of this total, 2.9 million tonnes are available for Drax’s self-supply requirements in 2022, which will rise to 3.4 million tonnes in 2027.
The £424 million acquisition of the Canadian biomass pellet producer supports Drax' ambition to be carbon negative by 2030, using bioenergy with carbon capture and storage (BECCS) and will make a "significant contribution" in the UK cutting emissions by 78% by 2035 (click here).
This summer Drax will undertake maintenance on its CfD(2) biomass unit, including a high-pressure turbine upgrade to reduce maintenance costs and improve thermal efficiency, contributing to lower generation costs for Drax Power Station.
In March, Drax secured Capacity Market agreements for its hydro and pumped storage assets worth around £10 million for delivery October 2024-September 2025.
The limitations on BECCS are not technology but supply, with every gigatonne of CO2 stored per year requiring approximately 30-40 million hectares of BECCS feedstock, according to the Global CCS Institute. Nonetheless, BECCS should be seen as an essential complement to the required, wide-scale deployment of CCS to meet climate change targets, it concludes.