The low carbon finance scheme will enable UK businesses to invest in cost effective energy efficiency equipment or other low carbon technologies, such as new efficient lighting and biomass heating.

Siemens said all businesses will be able to apply for new green growth finance from the scheme from 4 April 2011.

Siemens Financial Services in the UK will provide the financial backing and manage the provision of funding and the Carbon Trust will be engaged in carbon saving from energy efficient technologies to assess the carbon, energy and cost savings of any application.

The Carbon Trust and Siemens Financial Services have also agreed to finance a new commercial venture that will increase the take up of energy efficiency projects.

This venture will offer procurement support to businesses wishing to purchase energy efficiency equipment at scale from a network of accredited suppliers and will be launched later this year.