RBS to stop lending to companies without climate transition plans

RBS published it Annual Results on 14 February, in which it revealed its climate-related financial disclosures.

The bank plans to stop lending and underwriting to companies with more than 15% of activities related to thermal and lignite coal and to major oil & gas producers, unless they have credible transition plans in line with the 2015 Paris Agreement in place by end of 2021. The bank plans a complete phase-out from coal by 2030.

The bank had previously announced on 30 January that it has executed a £1.1bn securitisation deal with Macquarie Infrastructure Debt Investment Solutions, which will allow it to increase lending to the sustainable or renewable energy sectors.

RBS also revealed in its Annual Results that it plans to rename to its parent company NatWest later this year.

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