Lloyds Banking Group plc - Excited to be supporting the transition to a low carbon transport sector

Lloyds Bank and Lex Autolease are delighted to be collaborating with the members and partners of ITT Hub at this critical time in the sector.

According to the recent Committee on Climate Change report, “Net Zero The UK's contribution to stopping global warming”, Transport is now the largest source of UK GHG emissions (23% of the total) and saw emissions rise from 2013 to 2017.

The changes needed over the next decade have many complex dimensions and uncertainties, and we are committed to supporting our clients as they tackle the risks and opportunities. Lloyds Bank has a published ambition to be a leading UK commercial bank for sustainable growth, and Lex has a similar ambition to be a leading UK provider of low emission/green vehicle fleets.

It is clear that collaboration is needed to focus on big opportunities and challenges, including:

· The growth of low carbon surface transport

· The construction and powering of charging infrastructure for rapid electrification

· Implications of the CCC scenario that all cars and vans may need to be electric by 2050, and the vast majority of HGVs to be either electric or hydrogen-powered

· The future role of hydrogen with associated production, distribution, transport and storage

· Development of data and technology to support transport decarbonisation

Through the ITT hub, Lloyds Bank and Lex Autolease will work with the members and partners to help build insights and support propositions that will help clients mitigate the risks and capitalise on the opportunities.

“Transport is a key sector for Lloyds Commercial Banking, across vehicle and component manufacturers, road, rail and air service operators and infrastructure providers. The transition to alternative fuels and transport models presents our clients in the sector with huge challenges and opportunities and Lloyds Bank is committed to providing support to enable our clients to realise the opportunities that will not only deliver decarbonisation but also position their businesses for a successful future in the new world of transport solutions. There is, quite rightly, a huge amount of focus on private cars as the primary mode of personal transport, whether that is electrification or transitioning to new ownership models and ‘mobility as a service’, but it is essential that we do not lose sight of the public transport and freight sectors which perhaps face even greater challenges in adapting to low carbon alternatives. That is one of the key reasons we were so keen to become a partner at ITT Hub. Provision of physical transport is also only one element of this revolution – power generation, energy infrastructure and technology as well as government policy and availability of finance also have key roles to play in delivering a truly sustainable future for transportation.

ITT Hub brings together key stakeholders from all of these industries and presents a fantastic opportunity for partners, exhibitors and attendees to share ideas and establish partnerships that will help to deliver innovation and technology-led green transport future. Lloyds Bank is delighted to be a partner to ITT Hub and we very much look forward to working with Binswood and the wider partner group to deliver a great event and more importantly real outcomes that can make a difference.”

James Courtenay-Evans Managing Director of Transport, Lloyds Banking Group

“Lex Autolease have been at the forefront of sustainability within company car and commercial vehicle fleets for many years. From CO2 reduction strategies for traditional fossil fuels to the early introduction of both electric and hydrogen fuel cell vehicles, sustainability has been a key focus. With over 17,500 plug-in electric vehicles currently on the fleet, and ever-increasing customer demand for new ultra-low and zero-emission vehicles we are working closely with our customers to reduce the impact of fleet vehicles on the environment. Not only providing the plug-in vehicles themselves, we also provide guidance and transition strategies for zero-emission futures, as well as charge point solutions. However, as we now enter the next stage of more widespread adoption of plug-in vehicles the need for greater collaboration across the many areas involved in electrification is needed. The ITT Hub brings together energy companies, charging solutions, vehicle manufacturers, leasing companies and other mobility solution providers to help ensure a timely and effective change. We are very pleased to be a part of the ITT Hub which will act as a catalyst for these important collaborations and partnerships.

Chris Chandler Principal Consultant Fleet Consultancy Lex Autolease

www.lloydsbankinggroup.com