The need to tackle climate change has become more important than ever and the agriculture industry will play a key part in the UK’s transition to a net zero economy.
Agriculture supply chains are increasingly requiring farmers to measure their farm emissions through carbon audits; however, our research shows only 35% of farming businesses have done this.
Here at Virgin Money, we’ve pledged to be net zero in everything we finance by 2050. To help us get there, we’ve launched the Agri E Fund - designed to support the environmental and efficiency needs of our agriculture customers.
What is the Agri E Fund?
The fund consists of £200M of lending to support farmers adapting to environmental changes and is the first UK green product specifically designed for UK farmers.
We’re offering 0% arrangement fees when a farmer completes a carbon audit and is borrowing over £50k to invest in emission reducing initiatives, like renewable energy, energy efficiency initiatives or activities that reduce greenhouse gases.
Alongside the Agri E Fund, we’ve partnered with Carbon Metrics, a consultancy who aim to help rural businesses understand emissions management, to produce a net zero report. The report is designed to help farmers understand the background to climate change, what it means for the industry and how they can start to adapt their businesses to meet the challenge.
COVID-19 has been a difficult time for us all, and as we emerge from the pandemic, we want to support farmers to better prepare for the future.
Brian Richardson, head of agriculture at Virgin Money, said: “Farming generates approximately 10% of the UK’s greenhouse gas emissions, but we cannot go without the service it provides. Part of the UK’s balanced pathway to net zero requires things like the adoption of low carbon farming practices, changes in buying behaviours and re-use of land.
Virgin Money’s Agri E Fund recognises this and will help farmers reduce their emissions, becoming more efficient and ready to meet the requirements of subsidy schemes and supply chains. Most importantly, it helps equip the farm to be ready for the next generation.”
Virgin Money agriculture customers who are interested in or would like to find out more about the Agri E Fund, please contact your relationship manager.
Or, if you’re not yet part of the Virgin Money family and would like to find out more, please email firstname.lastname@example.org.
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