The National Wealth Fund and Lloyds Banking Group have announced up to \u00a3500m of financing to support the retrofit and decarbonisation of university estates across the UK.<\/p>\n
The financing will support universities to invest in energy-efficiency upgrades and low-carbon heating across university campuses, helping to reduce emissions, lower long-term energy costs and modernise hundreds of buildings for staff, students and researchers.<\/p>\n
Through the agreement, Lloyds Banking Group will provide up to \u00a3500m of lending to UK universities, enabled by up to \u00a3350 million of financial guarantees, provided by the National Wealth Fund, to modernise up to 300 campus buildings.<\/p>\n
The upgrades to UK\u2019s retrofit capability, from local contractors to specialist engineers, aims to support up to 4000 jobs, and strengthening the supply chain as universities upgrade complex estates, the organisations added.<\/p>\n
Universities face an estimated decarbonisation cost of \u00a38.8 billion associated with their built environment. Many institutions are responsible for large, diverse estates that include older and specialist buildings, making retrofit particularly challenging without access to long-term, affordable finance, they added.<\/p>\n
Oliver Holbourn, National Wealth Fund CEO, said:<\/strong><\/p>\n \u201cThe UK\u2019s universities are a significant national asset, acting as vital anchors for place-based growth by providing opportunity and driving innovation. By partnering with Lloyds, the National Wealth Fund is helping bring university estates up to spec, enabling long-term affordable financing that will accelerate energy-efficiency upgrades and heat decarbonisation, all while boosting local supply chains and supporting skilled retrofit jobs.<\/p>\n \u201cUniversities play a vital role in driving growth and innovation across the UK, but many face challenges in funding the significant upfront investment required to decarbonise large complex estates. Through our partnership with the National Wealth Fund, we\u2019re unlocking targeted funding to help accelerate the decarbonisation of university estates, supporting investment and strengthening global competitiveness. Our world-class universities make a significant contribution to the UK economy, and this investment will help ensure they remain well positioned for the future.\u201d<\/p>\n Amanda Murphy, CEO, Business & Commercial Banking at Lloyds Banking Group, said:<\/strong><\/p>\n \u201cToday\u2019s announcement builds on the National Wealth Fund and Lloyds Banking Group\u2019s existing social housing retrofit partnership where the bank has committed lending up to \u00a3500 million to support registered providers with the retrofit of social homes. This is supported by up to \u00a3400 million of financial guarantees provided by the National Wealth Fund.<\/p>\n \u201cFollowing today\u2019s announcement, the National Wealth Fund has provided more than \u00a31.6 billion in financial guarantees to accelerate the rollout of retrofit across the built environment. This financing is enabling projects to be delivered at scale, helping to stimulate UK retrofit supply chains and supporting progress towards the UK\u2019s net zero ambitions.\u201d<\/p>\n Image from Shutterstock<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"The National Wealth Fund and Lloyds Banking Group have announced up to \u00a3500m of financing to support the…\n","protected":false},"author":2,"featured_media":516078,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[3,4],"tags":[748,393,4884,58370,84410,1144,215802,712,16,15,1764],"class_list":["post-1000473","post","type-post","status-publish","format-standard","has-post-thumbnail","category-uk","category-united-kingdom","tag-britain","tag-england","tag-great-britain","tag-lloyds","tag-national-wealth-fund","tag-northern-ireland","tag-retrofit","tag-scotland","tag-uk","tag-united-kingdom","tag-wales"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/116680596390366449","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/1000473","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=1000473"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/1000473\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/516078"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=1000473"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=1000473"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=1000473"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}