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Lloyds Banking Group vows to cut carbon emissions by above 50% by 2030

Lloyds Banking Group PLC vowed to cut carbon emissions it finances by more than 50% by 2030, as part of the British lender's commitment to tackle climate change, grow the green economy and promote green finance in the country.

Lloyds noted that it continues to pursue its long-term objective of reducing carbon emissions by 80% by 2050 and will speed up such activity this year. The lender already achieved its 2030 carbon reduction target in 2019, having cut emissions by 63% since 2009.

The banking group will announce products and services that support and invest in greener finance for the U.K. in 2020, and disclosed a partnership with the Woodland Trust to plant 10 million trees over the next 10 years. The lender will also assist in improving the energy efficiency of commercial buildings.

Investors and regulators have called for lenders to take account of the risks posed by climate change across their lending portfolios, with the British government aiming to reduce carbon emissions to zero by 2050, the Financial Times reported Jan. 21.

Lloyds' group director of responsible business, Fiona Cannon, told the FT the bank's loan book has a relatively low exposure to fossil fuel specialists compared to its local rivals.