The Royal Bank of Scotland (RBS) could almost match the expected amount it will be fined for its part in the Libor scandal in funding for clean energy over the next 12 months.
The bank is braced for a penalty of somewhere in the region of £500m after it was found last year to have rigged the rate at which London banks borrow from one another.
But according to Bloomberg, some £400m could be channelled into renewable energy projects by RBS in 2013, focusing predominantly on biomass.
“Biomass will occupy quite a lot of our time and effort this year”, said head of energy Andrew Buglass in an interview.
“It can make a material contribution to the generation mix. Financing for the larger biomass projects is likely to be finalised towards the end of the year.”
While much of RBS’ press coverage last year appeared to be negative, thanks to news of its involvement in the Libor scandal, its funding of Canadian tar sands operations, its £1.5 billion half year loss and its £1.7 billion PPI compensation pot, Buglass added that the bank lent around £300m to clean energy in 2012 – mostly to wind and solar projects.
And he told Bloomberg that he expected it to set aside “as much […] if not more” money to finance renewables in the coming 12 months.
BusinessGreen reported today that the bank would also be launching a new “energy efficiency business loan service” that would complement its clean energy investments.
Like our Facebook Page
How to Recycle Books: 7 Easy Steps
How to Raise Money for Your Non-Profit or Charity: 7 Steps to Take
Solar-Powered Solutions for Lowering City Infrastructure Carbon Footprint
How to Prioritize Sustainability When Studying Abroad
EHS Management is Making the Construction Industry Greener
Best Sustainable Practices in the Construction Industry in 2024
Comparing Renewable Energy: Solar Power, Wind, Hydro & Bio
Maximizing Home Efficiency: The Renewable Way
10 Easy Ways To Make Your Home More Eco-Friendly
Energy Management Mastery: 4 Tips for Green Property Owners
Insider Tips for an Eco-Friendly Dubai Vacation in 2024
Polythene Bags and Food Safety: Crucial Role in Food Packaging
5 Tips for Creating a Sustainable Living Space
Solo Eco-Tourism Misconceptions That Need To Be Debunked
Embracing Sustainability: 7 Tips for Eco-Friendly Shopping
Crypto Market Makers Are Becoming More Eco-Friendly
Eco-Friendly Benefits of Energy Efficient Mortgages
Experience Thailand at Sea Yacht Chartering as an Eco-Tourist
5 Reasons Eco-Tourists Should Plan a Barcelona Getaway
Ocean Stewardship: The New Frontier for Charitable Giving
- Features8 months ago
What is the Eco-Friendliest Option to Wash Your Dishes?
- Environment12 months ago
6 Home Improvements You Can Make to Help the Environment
- Editors Choice11 months ago
7 Tips to Minimize the Negative Impact Businesses Have on the Environment
- Environment12 months ago
The Truth About The Environmental Impact of Dogs