Santander UK will collaborate with climate technology company Levidian in a move that aims to expand the financial services provider’s sustainability strategy and advance the reach of Levidian’s decarbonisation technology.
Based in Cambridge, UK, Levidian has developed an innovative rapid decarbonisation device which breaks methane down into its constituent molecules of hydrogen – to be used as a green fuel – and carbon – which is used to create high-quality graphene.
Commonly thought of as a modern ‘wonder material’, graphene has the potential to increase durability of a wide spectrum of materials, strengthen medical applications and aid in the decarbonisation of industry.
By docking with existing infrastructure, LOOP enables operators to remove methane – a pollutant that has 86 times the global warming potential of carbon dioxide (CO2) – without generating excess CO2.
It achieves this by introducing methane into a reaction chamber before microwaves are fired at the gas. This energises the molecules and causes them to split off from each other. The hydrogen can then be extracted from the top of the reaction chamber and the carbon from the bottom in the form of graphene.
The collaboration aims to support expansion of LOOP for Santander UK’s office footprint, in addition to creating the possibility to support UK businesses with their transition to a low carbon economy.
Calling it an ‘exciting opportunity’ to deliver meaningful decarbonisation, John Hartley, CEO at Levidian, said, “Santander has set ambitious goals and we look forward to collaborating with a partner committed to decarbonisation.”
This commitment is outlined in the company’s sustainability strategy, which is focused on key initiatives such as managing climate risks and supporting the green economy.
“The transition to Net Zero requires strong collaboration between different stakeholders,” commented Fermin Martinez de Hurtado, Head of Sustainability & Responsible Banking at Santander UK.
“We recognise the key role that Santander and companies like Levidian will play as part of this journey, scaling up solutions that cut down emissions and help tackle climate change.”
Having been carbon neutral in its own operations since 2020, Santander has committed to achieving Net Zero carbon emissions in all its lending, advisory and investment activities by 2050.