Barclays has announced a noteworthy investment in SaveMoneyCutCarbon, a digital platform that serves as a marketplace for consumers seeking products and solutions to minimize their carbon footprint.
This investment marks the inaugural step of Barclays’ Sustainable Impact Capital initiative, which aims to allocate £175 million over the next five years to support innovative and environmentally focused enterprises.
Established in 2012, SaveMoneyCutCarbon has assisted countless customers in adopting more sustainable practices, resulting in significant financial savings through efficient water and energy usage. The company reports that its diverse clientele—ranging from homeowners to schools, hospitals, and hotels—collectively saves over 727 million liters of water and 23 million kWh of energy annually. These efforts lead to a carbon reduction of approximately 6,765 tonnes each year, equivalent to the emissions from traveling 23.24 million miles in an average petrol vehicle.
Mark Sait, CEO of SaveMoneyCutCarbon, remarked, “The backing from Barclays will be instrumental in accelerating our national and international growth plans. We are ideally positioned to address the retrofit challenges facing both domestic and commercial buildings in the UK, and to promote the adoption of energy and water efficiency solutions crucial for achieving the UK’s net-zero carbon target.”
Andrew Challis, co-head of principal investments at Barclays, added, “SaveMoneyCutCarbon has been pivotal in helping UK businesses and households enhance their sustainability. We are eager to support their next phase of growth and contribute to the broader efforts to reduce carbon emissions on both national and global scales.”