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Auto Finance Sponsored by Auto Finance News NatWest Group issues its first EV Green Bond Published: 30th July 2024 Share Stuart ClarkHead of Climate Transition for Lombard NatWest Group has successfully issued its first Electric Vehicle Green bond (the EV Green Bond) raising net proceeds of €750 million from institutional investors based in the UK, Europe & Asia. The issuance makes NatWest Group the first UK bank to issue a green bond where the use of proceeds are intended to exclusively finance or re-finance electric vehicles. The electric vehicle financing the EV Green Bond is intended to support will originate from the banking group’s asset finance arm, Lombard. Lombard is the UK’s largest asset financier based on net lending volume according to the Asset Finance UK Top 50, 2024.In 2023, Lombard provided UK business with over £2.3bn of climate and sustainable funding for sustainable transport. Stuart Clark, Head of Climate Transition for Lombard said: “Being the first UK bank to issue a green bond dedicated to financing and refinancing electric vehiclesfurther underscores our commitment and ongoing support to our customers in their transition to net zero. “The automotive sector is a key enabler for the UK economy and we are committed to continuing to work with the industry towards its decarbonisation goals through providing a range of funding and leasing solutions. Lombard is one of the UK’s leading supporters of the automotive sector and we expect to continue to see growth in demand to fund low emission vehicles in the future.” In 2019, the bank developed its Green, Social & Sustainability Financing Framework (the “GSS Framework”). Since launching the GSS Framework, up to 31st December 2023, NatWest Group has issued three social bonds and three green bonds with a combined aggregate principal amountat issuance of £3.9 billion. The impact of the green bonds for the 12-month period ended 31 December 2023 is an estimated 0.121 million tonnes of CO2e emissions avoided. NatWest Group intends to report on the allocation of the proceeds of the EV Green Bond and provide an estimate of the resulting tailpipe CO2 emissions avoided, based on management information and/or industry data, within 12 months of the date of issuance. Lisa Laverick Editor - Asset Finance Connect Sign up to our newsletter Featured Stories NewsCar finance complaints mount up NewsUsed EVs hit record high as market goes green NewsAyvens achieves EcoVadis Platinum rating Auto Finance