Carbon Trust and Siemens launch £550m green finance deal

The new deal is intended to boost green growth and unlock business investment in the low carbon economy – key to the UK's recovery. The scheme – the first of its kind – will enable UK businesses to invest in cost effective energy efficiency equipment or other low carbon technologies, such as new efficient lighting and biomass heating. All businesses will be able to apply for new green growth finance from the scheme from 4 April 2011. Siemens Financial Services will provide the financial backing and manage the provision of funding and the Carbon Trust will use its expertise in carbon saving from energy efficient technologies to assess the carbon, energy and cost savings of any application. This will enable the financing to pay for itself through energy savings. Tom Delay, chief executive of the Carbon Trust, commented: "Driving green growth in the UK is key to our economic recovery. A missing ingredient at present is access to affordable finance to enable business to make green investments. This new major finance facility will improve business competitiveness, cut carbon and boost green growth." The Carbon Trust and Siemens have also agreed to finance a new commercial venture that will increase the take up of energy efficiency projects. This venture will offer procurement support to businesses wishing to purchase energy efficiency equipment at scale from a network of accredited suppliers and will be launched later this year.