Carbon Trust green finance deal goes live

Businesses can today apply for a share of a £550m fund backed by the Carbon Trust and Siemens designed to help companies install energy efficient and low carbon technologies.

The green finance initiative was unveiled last month, but is now open for applications from organisations looking to fit measures such as cavity wall insulation, efficient lighting and biomass heating.

Siemens Financial Services Ltd is to provide £550m over the next three years to projects deemed by the Carbon Trust deems to have sufficient carbon, energy and cost savings to pay for themselves through lower energy bills, making the scheme essentially a private sector variation on the government's Green Deal programme.

It comes hot on the heels of the Trust's guide to helping SMEs make the most of the green economy and will be followed by a further joint venture between Siemens and the Carbon Trust to help firms buy effective energy efficiency equipment from accredited suppliers.

The Carbon Trust will see its budget almost halved next year following the coalition's spending cuts, necessitating job losses and fewer services, so this type of private-sector partnership may well provide a model for its future operations.

Further information on the Energy Efficiency Financing for Business fund is available from the Carbon Trust web site.