Tesco and NatWest collaborate to drive sustainable farming practices

ESG
02/04/2024 News

Tesco and NatWest have joined forces to launch an initiative aimed at facilitating sustainable farming practices among UK farmers. Under this partnership, 1,500 Tesco-associated farmers will receive preferential financial assistance to transition to renewable energy sources and fossil fuel-free systems. The initiative addresses the challenge of accessing funding for sustainable farming methods, a barrier faced by many farmers despite their interest in adopting greener practices.

By providing access to attractive financing options, Tesco and NatWest aim to empower farmers to make upfront investments in equipment necessary for sustainable farming. These investments include solar panels, wind turbines, biomass boilers, LED lighting, battery storage, and combined heat and power systems. Additionally, participating farmers will gain access to Tesco's preferred suppliers, potentially benefiting from volume discounts on renewable energy assets.

The initiative is part of Tesco's broader commitment to achieving net zero emissions across its supply chain by 2050. It also builds on NatWest's ongoing support for the UK agricultural sector, which includes a pledge to provide £100 billion in climate and sustainable funding and financing by 2025.

Dave Jones, Chairman of Tesco’s Sustainable Dairy Group, emphasized the significance of financial assistance in overcoming barriers to adopting green technology on farms. He noted the potential to reduce emissions through the implementation of sustainable practices.

Peter Huish, Head of Consumer Industries at NatWest Group, highlighted the importance of partnerships with industry leaders like Tesco in contributing to the UK's climate goals and food security.

In conclusion, the collaboration between Tesco and NatWest represents a significant step towards supporting farmers in embracing sustainable farming practices. By providing access to preferential financing and expertise, the initiative aims to facilitate the transition towards a more sustainable agricultural sector in the UK.

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