This is the estimated equivalent of removing the emissions produced by almost a quarter of UK homes.

The group has said that this commitment recognises the urgent need to tackle climate change, grow the green economy and promote green finance for the future business prosperity of the UK.

Lloyds Banking Group said in a statement: “This will be challenging, but the sense of urgency is clear. Significant reductions of carbon emissions will require entirely new ways of living and working for our customers and clients, and changes in how we operate. To enable the transition, more will be required from all organisations and government: we do not have all the answers today.”

To begin, Lloyds Banking Group will announce products and services in 2020 to support and invest in greener finance for the UK.

The company said it wants to help its customers make the lifestyle changes required in their homes, vehicles and investments by creating green products and services that make it easier for them to invest in tackling climate change. It also said it would support businesses by financing their investments in the green economy, as well as helping to improve the energy efficiency of commercial buildings.

Lloyds Banking Group said: “We are investing in a cleaner, greener UK by supporting schemes that work to reduce the impact of climate change by absorbing carbon dioxide. That’s why today we’re pleased to announce our new partnership with the Woodland Trust to plant ten million trees over the next ten years expanding the UK’s carbon sink and helping to reforest the UK. During the lifecycle of the trees planted, 2.5 million tonnes of carbon dioxide could be absorbed, equivalent to the harmful emissions produced from eight years of UK waste management.”

António Horta-Osório, group chief executive, said: “The next decade will be crucial for protecting the planet for future generations, and financial services has a critical role to play. We are fully committed to supporting our customers, clients and colleagues to transition to a low carbon economy, working closely with other organisations and government to create the solutions that will accelerate progress and ultimately help Britain prosper.”