NatWest commits to lending £10bn to renewable energy projects in the UK
The British bank, NatWest, has confirmed its commitment to lending £10bn (US$14.15bn) into renewable energy and energy efficiency projects by 2020.
In 2015, the company announced that they would be lending £3bn ($4.24bn) over a period of three years.
NatWest surpassed its target by lending £3.5bn ($4.95bn) into the projects.
According to Richard Saint, the bank’s Executive Sponsor for Sustainable Energy, NatWest is dedicated to “doing business in a more sustainable way and helping our customers do so too”.
“This is a huge achievement, demonstrating our strong commitment to the low carbon economy and the jobs, businesses and communities that rely on it.”
With the £3.5bn, NatWest has supported almost 1,500 transactions, 41% of which were related to solar power, with wind receiving 25% and biomass receiving 9%.
The remaining 25% was split between anaerobic digestion, smart meters, and energy efficient projects.
The bank also sources 100% of its energy from renewables.
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.