Virgin Money Launches New App To Help UK Businesses Meet ESG Regulations

Virgin Money Launches New App To Help UK Businesses Meet ESG Regulations

The app, entitled ‘the Sustainable Business Coach’ has been developed in collaboration with eco non-profit organisation Future-Fit Foundation . The app will offer assistance to businesses in the UK to help them manage their sustainability goals. Virgin Money is also offering Sustainability-Linked Loans to businesses that meet the eligibility criteria generated by the outputs from the tool. The tool identifies the high-priority goals a business should consider and provides an objective assessment of the positive and negative ESG impacts of its activities. As well as giving a score and actionable guidance, it has been designed to be updated periodically, encouraging businesses to track their progress over time. With growing requirements for companies to report on their environmental and social impact , this tool can be downloaded to a smartphone and assist a business of any size in tracking and demonstrating their progress. Once completed, if eligible, businesses can apply for a Sustainability-Linked Loan, which reduces the cost of finance for companies whose core activities enable consumers and other businesses to operate in a more economically and environmentally sustainable way. Virgin Money has become the first bank in Europe to offer such loans in commercial banking that utilise an objective science-based