Novuna Business Finance praised for commitment to sustainability

Novuna Business Finance has been honoured with the Asset Finance Connect (AFC) Environment Award 2024 at the recent AFC Summer Awards. This accolade recognises the company’s exceptional commitment to sustainability within the finance industry.

Geoff Maleham, Managing Director of Novuna Business Finance, expressed his pride in receiving the award, emphasizing the importance of sustainability to the company.

Winning the AFC Environment Award 2024 is a significant milestone for Novuna Business Finance. Maleham noted, “It means a lot to us to have won the AFC Environment Award 2024. Sustainability is really important to us at Novuna Business Finance, so it’s fantastic to be recognised for our commitment to making a positive difference to the environment and society that we live in.”

The company’s dedication to funding sustainable assets and projects, aiding SMEs in their sustainability efforts, and raising awareness about sustainability in the business community underscores its passion for fostering a better future.

Supporting SMEs on the path to net zero

Novuna Business Finance places a strong emphasis on understanding and addressing the needs of SMEs in their journey towards net zero. Maleham highlighted that sustainability is at the heart of their business, driven by listening to customers and the SME market.

The company has invested heavily in market research to comprehend small business perspectives on sustainability and climate-related issues, aiming to contribute to a better understanding and support system for SMEs. “Too often, the ‘big’ debate circles around big brands and big influencers,” Maleham stated, “resulting in an urgent need to better understand the small business community’s views.”

Novuna Business Finance actively builds awareness of sustainability issues among small businesses through targeted PR strategies and market research. The company’s research highlights the views and contributions of SMEs to the sustainability debate, revealing that 85% of SMEs are taking practical steps to address sustainability challenges. The company has also launched the Sustainable Business Podcast, featuring industry experts discussing various green topics.

While the transition to net zero presents commercial opportunities, Maleham emphasized that the focus should not solely be on commercial gain. Collaborating as an industry to understand and facilitate the changes required for SMEs and larger corporations on their road to net zero is crucial. This collaborative effort will expedite the journey, enhance the economy, and create a platform for future funding opportunities.

Meeting global sustainability standards

Novuna Business Finance aligns its activities with the United Nations Sustainable Development Goals (UN SDGs) and the Paris Agreement’s net zero targets. The company collaborates with the Novuna Group’s Sustainability Team to achieve ambitious goals, including reducing absolute scope 1 and 2 GHG emissions by 50% by 2030 and sourcing 100% renewable electricity by the same year. Additionally, the company aims to cut scope 3 emissions from business travel, employee commuting, and waste by 30% by 2030.

Innovative sustainable finance solutions

Novuna Business Finance’s sustainability strategy includes innovative solutions for sustainable projects and green assets. One notable project is the financing of Luminous Energy’s Bracon Ash Solar Farm, expected to generate enough electricity to power over 9,500 households annually.

Another significant collaboration is with Green Power Hire Ltd, which supplies sustainable battery storage units to reduce fuel consumption, noise, and CO2 emissions on construction sites. This partnership has enabled Green Power Hire to expand and support more sustainable construction practices.

To promote green assets, Novuna Business Finance has created a dedicated introducer guide and a Sustainable Technologies rate card. These tools help introducers and businesses identify sustainable assets for investment at favourable rates. In 2022/23, the company wrote over £184 million in Farm Loans, including biomass, heat pump, and solar installations, as well as £32.5 million in irrigation systems, demonstrating its commitment to supporting the UK agricultural industry’s sustainability goals.

Empowering employees

Employee engagement is key to Novuna Business Finance’s sustainability mission. The company ensures that sustainability goals are communicated transparently and engagingly to employees, encouraging them to make small, impactful changes in their lives. Activities such as tree planting and waterway rubbish clearance are part of the company’s efforts to promote sustainability among its workforce.

The Sustainability Champion award at Novuna Business Finance recognises employees for their sustainability achievements, fostering a culture of environmental responsibility.