NatWest faces AGM showdown over climate backtracking
Summary
NatWest faces criticism from investors and scientists at its upcoming shareholder meeting for weakening its climate policies, especially its rules on lending to oil and gas companies. Campaigners want the bank to reverse these changes and meet with investors to discuss its climate strategy.Key Facts
- NatWest changed its climate policy by loosening limits on loans to oil and gas companies and dropping some cleaning-up targets.
- Campaign group ShareAction and investors holding $1.4 trillion in assets, including the Church of England, are asking shareholders to oppose some board members.
- 70 climate experts signed a letter urging NatWest to lead on climate and undo the policy rollbacks.
- The bank removed a promise not to finance oil and gas firms without proper climate transition plans or full emissions reporting.
- NatWest also stopped its commitment to not fund companies with oil and gas assets mostly outside the UK.
- The bank says it still aims to reduce its climate impact by half compared to 2019 and reach net zero emissions by 2050.
- NatWest claims the policy updates reflect changes in regulation and focus on areas where it can make the biggest difference.
- ShareAction warns that weakening climate pledges risks worsening the climate crisis and harming the economy.
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