NatWest Pledges to End Business Loans for New Oil and Gas Projects
British banking giant NatWest has said it will immediately stop all reserve-based lending to new customers for the purpose of financing oil and gas exploration, extraction, and production.
NatWest’s Chief Executive, Dame Alison Rose, said on Thursday that she wanted to send a very clear message that the lender was not “letting up on tackling climate change.”
She said: “We want to ensure our capital is being used to support a transition whilst continuing to reduce the financing of harmful emissions. I hope this sends a strong signal that we are serious about ending the most harmful activity whilst financing the transition.”…