Lloyds Banking Group on its way to planting 10 million trees by 2030.
Lloyds Banking Group has announced the first 1 million of 10 million trees have been planted across the UK in partnership with the Woodland Trust.
As part of its ambition to help finance a green recovery and reduce the impact of climate change across the UK, Lloyds Banking Group has planted 1 million trees over the past year, in partnership with Woodland Trust.
It is estimated that the 1 million trees planted so far could absorb 250,000 tonnes of carbon in their lifetime, equivalent to the average carbon emissions from 31,000 UK homes.
Fiona Cannon, Lloyds Banking Group, Group Sustainable Business Director, said “Achieving our 1 million tree planting ambition last year, despite the impact of the global pandemic, puts us well on our way to meet our target to significantly reduce carbon in the atmosphere by the end of the decade.”
Lloyds Banking Group is working alongside the Woodland Trust, with a ten year partnership focusing on planting new woodlands, expanding local community volunteering and providing support for the farming and agriculture sector. The partnership could also significantly contribute towards the reforestation of the UK, increasing the UK carbon sink and also improving access to nature for people across the UK.
The partnership will also see the creation of 10 new ‘woods within woods’ at existing Woodland Trust sites across the UK. It will also introduce the Woodland Trust Community Tree Pack scheme, allowing people to plant their own trees in areas such as schools and local parks.
As part of Lloyds Banking Group’s overall investment in creating a cleaner, greener UK, it will also help farmers and landowners transition to a low carbon future. Following the National Farmers Union (NFU) ambitious target to reach net zero by 2040, Lloyds Banking Group are offering preferential funding for individual new woodland areas of more than 0.5 hectares.
Cannon added “We know we still need to do more to help our customers and clients reduce their carbon footprint, that’s why last year we announced our ambition to work with customers, government and the markets to help reduce emissions we finance by more than 50% by 2030 and we will continue to accelerate out support throughout 2021 to help finance a greener, cleaner recover for the UK.”
Darren Moore, Woodland Trust, Chief Executive Officer, said “I’m delighted that Lloyds Banking Group and the Woodland Trust have achieved our target of planting 1 million trees together in the first year of our partnership.” Adding, “The Woodland Trust has an ambition to establish 50 million trees over the next 5 years and our partnership with Lloyds Banking Group will make a significant contribution towards this target.”
15 February 2021