TfL bus provider wins £50m in funding from Lloyds bank for hybrid and electric vehicles
Transport for London’s (TfL) main bus provider has won £50m in funding from Lloyds Bank to invest in hybrid and all-electric vehicles.
Metroline, which owns a fleet of over 1,600 buses, will use the first tranche of funding, totalling £10m, to buy 37 new double-decker hybrid buses. The mayor of London, Sadiq Khan, has pledged to make London the world’s greenest global city. Earlier this year he announced an ultra-low emissions zone which will levy a charge on the most polluting vehicles that enter the centre from April next year.
The £50m finance package from Lloyds forms part of the bank’s £2bn clean growth financing initiative, which provides discounted funding for businesses looking to reduce their carbon footprint.
Ishai Novick, finance director of Metroline, said: “Our customers are increasingly mindful of the environmental impact of London’s transport network, so it’s important to demonstrate our commitment and ability to adapt and deliver new technologies in line with TfL’s target to reduce carbon dioxide emissions by 60 per cent by 2025.”
Tom Cunnington, head of bus business development at TfL said: “Buses are crucial to reduce Londoners’ reliance on cars, and the investment in these new buses will help to continue reducing emissions across the capital.”
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