Breaking out its brand new £175M ESG-aligned cheque book, Barclays has announced a significant equity investment in SaveMoneyCutCarbon. Based in Bury St Edmunds, England, SaveMoneyCutCarbon provides a unique marketplace offering cost-effective products and solutions to businesses and consumers seeking to reduce their carbon footprint and be more sustainable.
This funding represents the inaugural investment for Barclays under its new Sustainable Impact Capital initiative, which aims to deploy £175M over the next five years in backing innovative and environmentally-focused businesses as part of the bank’s commitment to enabling a low-carbon economy.
Founded in 2012, SaveMoneyCutCarbon is a digital aggregator that helps customers reduce their carbon footprint whilst saving money by using water and energy in more sustainable ways. The new relationship with Barclays will help the firm grow faster.
From schools, hospitals, hotels, warehousing operators and public-sector organisations, to thousands of homes across the country, SaveMoneyCutCarbon customers collectively save over 727 million litres of water and 23 million kWh of energy each year, delivering a carbon reduction of 6,765 tonnes per annum from completed projects and products sold on its online platform. The carbon reduction alone is equivalent to travelling 23.24 million miles in an average petrol car.
Commenting on the inaugural equity deal, Mark Sait, SaveMoneyCutCarbon CEO (pictured above) said:
“Barclays’ investment will be a key enabler allowing us to accelerate plans to grow nationally and beyond. We are uniquely positioned to help facilitate the retrofit challenge faced by the UK’s domestic and commercial building stock and turbo-charge adoption of energy and water efficiency to achieve the UK net zero carbon target.”
Referencing the wider low-carbon agenda, Andrew Challis, Co-Head of Principal Investments at Barclays said:
“SaveMoneyCutCarbon has helped UK businesses and households to become more sustainable and we are excited to be part of the next stage of their growth, supporting broader UK and global efforts to limit carbon emissions.”
Further Reading:
- Visit the SaveMoneyCutCarbon marketplace.
- More about the Sustainable and Impact Banking group at Barclays.
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