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Santander partners with Groundsure to assess environmental and climate due diligence
Santander has appointed environment analytics firm Groundsure to evaluate its commercial transactions for future and ongoing environmental and climate change risks.
It is the third of the top five commercial lenders to partner with Groundsure, with the other two being Barclays and Natwest and RBS Group.
Working in conjunction with Santander, Groundsure created a Siteguard Climate Report, which includes a four-tier risk assessment summary with judgments on environmental liability, loan security risks and potential property value impacts.
It includes bespoke recommendation from Groundsure and was created with the banks “specific requirements with its valuation network”.
Dan Montagnani, chief executive of Groundsure, said: “We are delighted to be working with Santander to support their due diligence on their commercial property transactions.
“Siteguard Climate is an attractive proposition for banks to manage their current and forward exposure to environmental risks, especially in the context of greater compliance and due diligence requirements.”
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He said: “With the Bank of England having set out its expectations on banks embedding their approaches to climate related financial risk, we are helping Santander to meet their compliance obligations and to ensure they are well positioned to manage this at scale for their commercial portfolio.”