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Tesco and NatWest Collaborate on Green Finance Initiative for Farmers

Source: The DairyNews
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Tesco, one of the UK's largest retailers, has teamed up with NatWest to introduce a groundbreaking discounted climate and sustainable finance scheme for 1,500 of its farmers.
Tesco and NatWest Collaborate on Green Finance Initiative for Farmers
This voluntary initiative aims to support Tesco farmers in transitioning to sustainable farming practices while providing access to Tesco preferred suppliers, offering potential volume discounts on assets like solar panels and heat pumps.

Under this scheme, participating farmers will benefit from preferential rates on finance to facilitate the adoption of sustainable farming methods. This includes the installation of renewable energy sources such as solar panels and wind turbines, as well as fossil fuel-free heating or cooling systems like heat pumps.

Ashwin Prasad, Tesco Group Chief Commercial Officer, emphasized the importance of supporting farmers in reducing costs and transitioning to renewable energy sources. He highlighted Tesco's commitment to British agriculture and environmental sustainability, noting that initiatives like this play a crucial role in achieving net-zero emissions across the supply chain by 2050.

Peter Huish, Head of Consumer Industries at NatWest Group, underscored the challenges faced by farmers in transitioning to lower emissions practices and expressed excitement about the partnership with Tesco. He emphasized NatWest's commitment to supporting sustainability initiatives, including providing £100 billion of climate and sustainable funding and financing by the end of 2025.
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April 2024
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