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Barclays invests in green marketplace SaveMoneyCutCarbon

Barclays invests in green marketplace SaveMoneyCutCarbon

Barclays has made a "significant" investment in SaveMoneyCutCarbon, a digital aggregator that provides a marketplace where customers can shop for products and solutions that help reduce their carbon footprint.

The investment is the first for Barclays' new Sustainable Impact Capital initiative which aims to pump £175 million over the next five years into innovative and environmentally-focused businesses.

Founded in 2012, SaveMoneyCutCarbon has helped hundreds of thousands of customers reduce their carbon footprint whilst saving money by using water and energy in more sustainable ways.

The firm claims its customers - home-owners, schools, hospitals, hotels and others - 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.

Mark Sait, CEO, SaveMoneyCutCarbon, says: “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 charging companies’ adoption of energy and water efficiency to achieve the UK’s net zero carbon target."

Andrew Challis, co-head, principal investments, Barclays, adds: “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.”

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