Singing activists disrupt NatWest meeting over ‘climate backtracking’
Summary
At NatWest’s annual meeting in Edinburgh, protesters disrupted the event to challenge the bank on its climate policies. The bank’s chair defended recent changes that eased some restrictions on lending to oil and gas companies, saying the bank still aims to reduce its climate impact and reach net zero emissions by 2050.Key Facts
- The NatWest annual meeting was temporarily stopped due to protesters singing about climate and fossil fuel issues.
- Protesters wore shirts with slogans like “No more big oil” and represented the group Extinction Rebellion’s XR Money Rebellion.
- NatWest recently dropped a commitment not to lend to oil and gas companies without credible climate plans or clear carbon emission reporting.
- The bank’s chair, Rick Haythornthwaite, said NatWest aims to cut its climate impact by half from 2019 levels and reach net zero financing emissions by 2050.
- NatWest provided £19 billion for energy transition projects in the second half of 2025 and targets £200 billion in sustainable loans by 2030.
- Oil and gas loans make up just 0.6% of NatWest’s total lending, and the bank avoids funding controversial fossil fuel projects like shale oil or coal gas.
- Some investors opposed the chair’s re-election due to concerns about weakened climate commitments, with 92% approval, the lowest among resolutions.
- Shareholders and union representatives also questioned executive pay and staff wages compared to rising dividends and inflation.
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