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.