Virgin Money has launched a £200 million loan scheme to help farmers hit the net zero milestone.
The company claims the loan is low-cost and will enable more of the agricultural sector to invest in renewables and energy efficiency.
Farms will also be able to track their carbon footprint through the scheme, with Virgin Money stating that currently only 35% of farming businesses do so.
Farmers will be entitled to a loan with no arrangement fees if they agree to complete a carbon audit of their premises and borrow more than £50,000 to invest in green projects.
Head of Agriculture at Virgin Money, Brian Richardson, said: “While many farmers are working towards their net zero targets, we know from our research that there are many who know what they’ve got to do, they just aren’t sure how to go about it.
“By providing lower cost finance, our new Agri E Fund is providing targeted support to help agri-businesses make the transition and enable investment in reducing and capturing carbon emissions.”
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