Lloyds Banking Group has launched a new £2 billion clean growth finance package to help its commercial banking clients go green.

The new package, which adds to previous financial packages from Lloyds, will help UK businesses that bank with the group to become more sustainable by supporting green building improvements.

And businesses will be able to take advantage of discounted lending for projects that reduce the environmental impact of their operations.

Lloyds’ Clean Growth Finance scheme will support projects that reduce carbon and greenhouse gas emissions for properties and infrastructure, increase energy efficiency and make environmental sustainability improvements.

Investments in low carbon vehicles and transport schemes will also be supported by the new finance initiative.

David Oldfield, group director for commercial banking at Lloyds, said that businesses would be a “source of innovation” and can “seize the opportunities” presented by the low carbon economy.

“Our funding will support small improvements in production, heating, transport, or environmental impact, right through to large scale renewable energy infrastructure. By building on our commitments to help clients with discounted finance for investments in sustainable business, we will in turn support the UK’s goals for clean growth. “