Automotive finance provider JBR Capital has launched a new sustainability initiative, in partnership with Carbon Neutral Britain, to reduce the environmental impact of its clients’ cars.
Its new carbon-offsetting programme promises to offset the first 5,000 miles of carbon emissions for each car financed, through the purchase of carbon credits.
JBR Capital says the initiative will enable its customers to “continue to enjoy driving, but to do so in an as environmentally-friendly a manner as possible”.
Carbon Neutral Britain operates under the United Nations Framework Convention on Climate Change. So far, its projects have offset more than 500,000 tonnes of CO2 and planted more than three million trees.
Nayan Kisnadwala, CEO of JBR, said: “We are a highly responsible business and our new sustainability strategy is proof of that ethos. I am proud we are leading the automotive finance sector with our new ESG initiatives, which will significantly offset carbon emissions from our clients’ cars.
“We are champions of this industry and we want to do the right thing through immediate actions, preserving this sector for the future, enabling our clients to simultaneously enjoy a passion for driving but doing so in a sustainable manner."
JBR Capital was founded to exclusively finance the acquisition of high-performance sports cars, supercars, luxury and prestige vehicles.
Through consultation with its clients, JBR Capital has determined that 5,000 miles reflects their average annual usage. They will also be able to increase their carbon offsetting once they exceed this mileage.
James Poynter, director of business development at Carbon Neutral Britain, added: "Increased CO2 emissions into the atmosphere is the biggest cause of global warming on our planet. By planting trees and funding carbon offsetting projects, we remove and prevent further CO2 emissions around the globe in the most cost-effective and impactful way.
“We have already helped many drivers take a positive step in the fight against climate change and are delighted to be able to partner with a company of the calibre, foresight, and responsibility of JBR Capital.”
JBR Capital has also set a target to reduce its gross, global scope 1, 2 and selected scope 3 emissions in tonnes of CO2 intensity output by 10% every year. As part of its environmental, social and governance strategy, JBR has purchased carbon credits for 2019-2021 as it transitions towards Net Zero certification.
Last year, the Finance and Leasing Association (FLA) said lender involvement should be central to the Government’s Net Zero plans as finance is often the “only way to put greener vehicles, plant and machinery, home improvements or business equipment within the reach of customers”.
A recent report, published by Automotive Property Consulting (APC), found that net zero car dealerships are at the forefront of an automotive sector push to achieve net zero status.
Although APC acknowledged in its ‘Car Dealerships: leading the charge to Carbon Zero’ report that electric vehicles (EV) are currently the main focus for manufacturers and the UK Government, it said that the legislative spotlight will increasing fall on property.
But car retailers were told that sustainable measures such as rooftop photovoltaic panels, solar thermal panels, thermal pumps, LED lighting, green facades or rainwater reuse systems will not only reduce emissions and costs in the long-term, but reduce the risk of potential fines and increase property values.
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