Lloyds Banking Group has launched its Sustainability Finance Framework to complement new standards for UK housebuilders.

The framework sets out how the group, which has a headquarters in Barnwood, will support housebuilders to access finance to build more sustainable homes.

Lloyds Banking Group said its role is to help smaller housebuilders be clear in understanding the steps needed to ensure a new build home is classified as sustainable, and then support them to finance these homes through its green and sustainable finance propositions.

On its website, it said: "Our ambition is that we work with these housebuilders to help build modern homes to a high standard, that are cheaper to live in and less damaging to the environment."

The bank's framework sets out how it will help housebuilders access finance to build more sustainable homes. It has three propositions, covering different sized housebuilders.

Shaun Walden, head of sustainable finance and climate change, DNV UK, said: "It is great to see Lloyds Banking Group publish this holistic Sustainability Finance Framework for the new build housing sector.

"This innovative report is one of the first sector-based financing frameworks issued by a financial institution and shows the focus Lloyds Banking Group has on this sector.

"The framework will be welcomed by the growing ESG community, and I look forward to seeing their further advances in this space."