Finance as a force for good – supporting sustainable growth and strong communities

The UK has a unique history as a global business hub, with deep trading relationships across every part of the world.? For hundreds of years, British business has been at the forefront of innovation and international partnership – supporting a breadth of sectors and consumers in many countries.

As the UK’s largest retail and commercial financial services provider, Lloyds Banking Group has unrivalled understanding of the UK market – comprising the needs and ambitions of businesses, entrepreneurs and individuals across our communities.? Our 26 million customers include one million business customers, and we serve the biggest corporates and financial institutions.? And while many clients are headquartered in different countries, they generate important investment, tax contribution and jobs here in the UK.

Amidst the economic challenge and uncertainty of recent times, the fundamental strengths of the UK economy ensure it remains a strong and competitive destination for inward investment.? EY research ranks the UK second in Europe for its attractiveness to Foreign Direct Investment (FDI), and ranks the UK highest in Europe for new projects – delivering more jobs per project than Germany or France.?

As the UK’s leading bank for infrastructure and project-finance, providing nearly ten billion pounds since 2018, we have supported many of the largest FDI projects of recent years.? In addition to the creation of jobs and growth, we are committed to helping Britain prosper for the long-term – not least, by supporting businesses and wider society in the transition to Net Zero.?

How have we done this?

1. By enabling creation of the world’s largest wind farm.? We have supported all three phrases of the Dogger Bank Wind Farm – most recently, alongside SSE Renewables and Norwegian energy firm Equinor .? The project comprises 277 turbines which will be installed from 2023 to 2026, situated over 130km off the coast of Yorkshire.? Just last month (October ’23), the wind farm began generating electricity for the first time and, once complete, it’s expected to provide renewable energy for up to 6 million British homes.
2. By facilitating the first direct power link between two of Europe’s largest energy markets.? As an original lender to the UK project-finance facilities of the NeuConnect interconnector, our support will help to deliver a direct power link between the UK and Germany for the first time.? A new 725km interconnector will power up to 1.5 million homes – helping to ensure greater energy resilience, security of supply, and considerable reduction in CO2 emissions.
3. By aligning our financing with sustainability goals.? Tideway London is on a mission to improve London’s sewage system and reduce pollution in the River Thames – creating cleaner, greener sanitation and waterways at the heart of the city.? Sustainable finance was an important reinforcement of the sustainable ambitions of this project. // “Sustainability is core to our mission, so we have aligned the financing of the company to our sustainability goals.? Tideway’s green and sustainable debt issuance sees to demonstrate to investors that in addition to our core purpose to reduce pollution in the river, we also hope to reconnect London, and Londoners, with the river and how the financing of the project supports that vision.”? Sir Neville Simms | Chair Tideway
4. By helping to alleviate wholesale electricity price pressures. In one of Europe’s most important infrastructure projects, Greenlink Interconnector Limited will connect the power grids of Ireland and the UK.? €500 million in financing will facilitate construction of a two-way subsea and underground cable plus two converter stations – supporting job-creation, alleviating wholesale price pressures, and providing greater energy security. // “Greenlink’s important electricity infrastructure project will deliver a range of benefits from local jobs to greater energy security, while also playing a significant role in the transition to Net Zero for both the UK and Ireland.? Lloyds Bank’s depth of experience in the energy infrastructure market and smooth execution was crucial in the successful closing of this transaction.”? James O'Reilly | CEO Greenlink

By supporting major renewable, energy-efficient and sustainable projects such as these, as well as financing the growth ambitions of businesses across many different sectors, we’re proud to be investing in prosperity and resilience for the UK and its partners.? At Lloyds Banking Group, we have a unique breadth of relationships and deep responsibility to continue deploying finance as a force for good.