Development bank of wales becomes first uk bank to pilot ‘green financing’ smart meter scheme
Development bank of wales becomes first uk bank to pilot ‘green financing’ smart meter scheme
The Development Bank of Wales has become the UK’s first bank to pilot Perseus, an innovative industry-led scheme aimed at helping small and medium-sized enterprises (SMEs) automate energy reporting, plan targeted decarbonisation, and secure green financing.
SMEs account for around 50% of UK business-driven emissions, highlighting significant opportunities for productivity improvements through energy efficiency and switching measures. Perseus allows SMEs to share their smart meter data with carbon accounting providers, banks, and lenders, while retaining control over how their data is used. This enables automated energy reporting, planning tools, and provides lenders with the necessary assurance for green financing, often at favorable rates.
Industry collaboration for sustainable finance
The Perseus initiative is spearheaded by Icebreaker One, in collaboration with major partners including the Development Bank of Wales, British Business Bank, Institute of Directors, NatWest, and Barclays. The Development Bank is leading the way as the first to integrate Perseus into its green business loan due diligence processes.
Rebecca Evans, Cabinet Secretary for Economy, Energy and Planning, praised the initiative, stating: “The Development Bank being named as the UK’s first bank to use Perseus further demonstrates Wales’ commitment to promoting sustainable business and securing a low carbon economy. It’s an important milestone for the Development Bank, and we are pleased to see them taking a lead role in making it easier for UK SMEs to access green financing.”
Building trust and efficiency
Gavin Starks, CEO of Icebreaker One, highlighted the significance of the initiative: “This milestone shows that unlocking access to data, with customer permission, can help get green finance flowing to SMEs. Perseus is about enabling trusted smart data flow between SMEs, carbon accounting platforms, and banks, accelerating access to capital to support decarbonisation.”
Matthew Kelly, Sustainability Manager at the Development Bank of Wales, also emphasized the potential impact: “This pilot is the first of its kind, using technology to reduce the reporting burden on SMEs and increase the accuracy of carbon abatement assessment. Perseus will help scale green finance by providing access to reliable data, allowing SMEs to secure capital to enhance productivity while advancing toward net zero.”
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