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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Lloyds Banking Group    LLOY   GB0008706128

LLOYDS BANKING GROUP (LLOY)
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Lloyds Banking : strengthens support for low carbon economy with new policy on coal

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08/02/2018 | 04:39am EST
  • Lloyds Banking Group will not fund new coal-fired power stations or thermal coal mines

  • The Bank will not bank new clients where most of their revenue is derived from coal-fired power stations or thermal coal mines

Lloyds Banking Group will no longer finance new coal-fired power stations or thermal coal mines as part of its support for the transition to a lower-carbon future, it announced today.

The decision builds on Lloyds Banking Group's launch earlier this year of a £2bn Clean Growth Finance initiative, which saw it offer discounted financing to clients investing in a lower carbon future.

Its latest Helping Britain Prosper Plan also includes a commitment to power five million homes by 2020 through supporting renewable energy projects in the UK.

Lloyds Banking Group will continue to work with existing clients whose operations include coal mining or power generated from coal, or supply equipment or services to these sectors, to actively support their transition to lower carbon models in line with the Paris Agreement.

David Oldfield, Group Director, Commercial Banking said:'We are already committed to supporting businesses that are leading the way by investing in renewable energy and a cleaner future, including those that are diversifying their business models away from fossil fuels.

'To achieve the aims set out in the 2015 Paris Agreement, continued reduction in the amount of coal mined and used to generate electricity is needed. This announcement reiterates our commitment to support the transition.'

Lloyds Bank's Clean Growth Finance scheme aims to deliver the most inclusive UK green funding in the market by offering discounted lending to help businesses invest in reducing their environmental impact.

This includes helping businesses to reduce carbon and greenhouse gas emissions, increase energy and water efficiency, reduce waste and make other improvements to their environmental sustainability.

The Group has also partnered with the University of Cambridge Institute for Sustainability Leadership to provide specialist training to more than 300 relationship managers to help them support clients' transition to a more sustainable economy, so far 100 relationship managers have been trained.

In 2016, Lloyds Bank launched its first £1bn green funding fund for commercial real estate, aimed at helping clients to reduce the CO2 emissions by improving the energy efficiency of 10 million square feet of real estate by 2020.

Disclaimer

Lloyds Banking Group plc published this content on 02 August 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 02 August 2018 08:38:01 UTC

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Financials (GBP)
Sales 2018 18 780 M
EBIT 2018 8 917 M
Net income 2018 4 230 M
Debt 2018 -
Yield 2018 5,69%
P/E ratio 2018 9,72
P/E ratio 2019 8,32
Capi. / Sales 2018 2,18x
Capi. / Sales 2019 2,18x
Capitalization 40 869 M
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Number of Analysts 23
Average target price 0,74  GBP
Spread / Average Target 28%
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NameTitle
António Mota De Sousa Horta-Osório Group Chief Executive Officer & Executive Director
Norman Roy Blackwell Chairman
Juan Calafat Colombás Chief Operating Officer & Executive Director
Mark George Culmer Chief Financial Officer & Executive Director
Anita Margaret Frew Senior Independent Non-Executive Director
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