A few days after our high profile ad ran in Scotland’s major newspaper, Alison Rose the CEO of RBS/ Natwest, announced as part of their new strategy for the Bank that RBS will also stop lending and offering underwriting services to major oil and gas producers that do not have credible transition plans in line with Paris climate agreement targets, which aim to limit global heating to below 2C. RBS also pledged to fully phase out coal financing by 2030 and is aiming to “at least halve” the climate impact of its lending activity by the end of the decade.
The devil is in the detail and we’re yet to see the small print, but this announcement was a huge victory for people power and a big step forward for the self named ‘oil and gas bank’.
RBS was one of the ‘Big 4’ UK banks that collectively lend billions to the fossil fuel industry. This change matters. And it is important because it helps to push the other UK Banks, and Alison Rose herself has staked her leadership on it.