Tesco and NatWest Bank are offering support to 1,500 farmers to switch to more sustainable farming methods. The voluntary scheme, designed with farmers’ input, will enable farmers in Tesco’s Sustainable Farming Groups for dairy, beef, and lamb to participate. The dairy group is the largest group of dairy farmers working directly with a retailer with herds ranging from 40 to nearly 2,000 cows.
Research shows that over 50% of Tesco farmers want to make changes but need help accessing finance to support them to make the investment. Through Lombard, the UK’s largest asset funder and part of NatWest, Tesco farmers will have access to attractive funding solutions and benefit from the firm’s strong asset knowledge and sector expertise to help support a move to decarbonising their farms. Assets covered through the new partnership include solar panels, wind turbines, biomass boilers, LED lighting, battery storage, and combined heat and power systems.
Led by its suppliers, farmers, and Tesco colleagues, the farmer groups drive improvements in efficiency and environmental performance, including carbon foot-printing and farm animal welfare. Access to finance remains a barrier for many farmers when trying to install green technology on farm. Tesco and NatWest Bank are partnering to offer financial assistance to help farmers install new technology and reduce farm emissions.
Tesco Group chief commercial officer Ashwin Prasad said that the food industry has a clear role to play in maintaining food security while also protecting the environment. Innovative programs like this will provide farmers with the confidence to invest in sustainable farming methods to protect the environment.
