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Britain's Royal Bank of Scotland (RBS.
L) said on Tuesday it had tightened restrictions on high-carbon energy projects and general lending to bolster its climate policy
.
RBS said it would no longer directly fund new coal-fired power stations or electric coal mines, oil sands or Arctic oil projects, and unsustainable vegetation or peat gap projects
.
It also said RBS would no longer fund mining companies that derive more than 40 per cent of their revenue from coal or those that derive 40 per cent of their electricity from coal, up from the previous two thresholds of 65 per cent
.
In April, HSBC followed in the footsteps of ING and BNP Paribas in saying it would stop funding
coal-fired power plants, oil sands and Arctic drilling.
RBS said the move was in line with its efforts to better provide broader support to tackle climate risks, as well as procure for green electricity and roll out green measures to customers
.
Kirsty Britz, Director of Sustainable Banking at RBS, said: "RBS 2018 is very different
from the banks we did a few years ago.
We want to help build a cleaner and more sustainable economic system in the future, and these policy changes are part of
our broader approach to this vital issue.
”
Britain's Royal Bank of Scotland (RBS.
L) said on Tuesday it had tightened restrictions on high-carbon energy projects and general lending to bolster its climate policy
.
RBS said it would no longer directly fund new coal-fired power stations or electric coal mines, oil sands or Arctic oil projects, and unsustainable vegetation or peat gap projects
.
It also said RBS would no longer fund mining companies that derive more than 40 per cent of their revenue from coal or those that derive 40 per cent of their electricity from coal, up from the previous two thresholds of 65 per cent
.
In April, HSBC followed in the footsteps of ING and BNP Paribas in saying it would stop funding
coal-fired power plants, oil sands and Arctic drilling.
RBS said the move was in line with its efforts to better provide broader support to tackle climate risks, as well as procure for green electricity and roll out green measures to customers
.
Kirsty Britz, Director of Sustainable Banking at RBS, said: "RBS 2018 is very different
from the banks we did a few years ago.
We want to help build a cleaner and more sustainable economic system in the future, and these policy changes are part of
our broader approach to this vital issue.
”
