NatWest rolls out a new digital tool to help the UK’s small businesses save energy and reduce emissions
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One of the leading UK banks, NatWest, recently launched its new digital tool meant for small businesses. The tool, known as the Energy Help and Support, will allow 5.5 million startups in the UK to save on their energy bills and, at the same time, reduce their emissions.
How does the tool work?
The tool uses a business’ postcode, which allows it to provide managers and owners with unique recommendations on how to save energy, tailored specially for their business. The recommendations revolve around various energy-saving activities, such as getting low-carbon heat pumps, installing solar panels, and alike.
More than that, recommendations also include estimated costs of low carbon improvements, as well as the return on investment if the business decides to take this route. In addition, the business also gets help with sourcing suppliers.
As mentioned, the support is particularly targeting small and medium-sized businesses. With over 5.5 million registered small businesses in the UK, they amount to around 30% of all UK’s emissions.
NatWest’s research also suggests that around 45% of small businesses have complained that dealing with rising energy prices will be one of their largest challenges in 2024. By switching to cleaner energy, the bank can help these companies not only survive but even prosper in the long run.
UK businesses can benefit financially if they reduce their carbon footprint
NatWest Group’s head of business banking, James Holian, commented on the new tool, stating that NatWest has done its research and that it knows that many businesses in the country stand to benefit financially if they manage to reduce their carbon footprint. “Yet most lack the support needed to make the necessary changes. This new tool takes away the guesswork by offering businesses tailored recommendations to improve their energy efficiency,” he said.
Holian added that combining the recommended actions would enable business leaders to make well-informed decisions for their companies, which will help them financially, while at the same time, they will contribute to helping the planet.
NatWest has been the leading lender of the UK’s renewables sector for a decade now. Throughout the years, the bank was committed to supporting investments required to help the UK transition to a net zero economy, and has targeted providing 100 billion GBP of Climate and Sustainable Funding and Financing by the end of 2025.
