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NatWest

Climate love

This bank will stop funding oil and gas extraction

The UK bank NatWest has announced it will stop offering loans to new customers who want to fund oil and gas exploration, extraction, or production projects.
The bankโ€™s chief executive, Alison Rose, said similar steps would be taken to phase out the oil and gas funding for existing customers, meaning the bank would refuse to renew, refinance or extend loans for upstream gas projects from 2026.
โ€œWe want to ensure our capital is being used to support a transition while continuing to reduce the financing of harmful emissions,โ€ Rose said.
This will be part of NatWestโ€™s first climate transition plan.
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Read more:
https://www.theguardian.com/global/2023/feb/09/natwest-to-end-new-business-loans-for-oil-and-gas-extraction
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  • Sarah Chabane

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    74 w

    Great decision! More banks need to take climate action and stop funding our extinction

    • We Don't Have Time

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      74 w

      Dear Marine Stephan Thank you for getting your climate love to level 2! We have reached out to NatWest and requested a response. I will keep you updated on any progress! /Adam We Don't Have Time

      • Kamau WA Githinji

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        74 w

        great move by the bank, hope all investors can take such a Stance, we would go miles on saving the environment

        1
        • Munene Mugambi

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          74 w

          No funding, no fossil fuels. A good step by the bank

          5
          • Tabitha Kimani

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            74 w

            Once funds for continuing with extractions become limited, they will scale down their operations. The banks should also increase funding renewable energy.

            5
            • Kevin

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              74 w

              This is fascinating news.New developers must seek ways of adapting to clean energy sources

              • Waigwa Monica

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                74 w

                Good work! the banks factoring in ESG in their lending decisions is vital.

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