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.