RBS to stop lending to coal, oil and gas firms ‘without credible climate plan’

The group has also pledged to fully phase out coal financing by 2030

Royal Bank of Scotland (RBS) Group has pledged to stop lending to coal and oil and gas companies unless they have a “credible” plan in line with the Paris climate agreement by 2021.

It has made a commitment to stop financing and offering underwriting services to companies with more than 15% activities related to coal as well as major oil and gas producers unless they have a “credible transition plan”.

RBS has also pledged to fully phase out coal financing by 2030 and committed an additional £20 billion for climate and sustainable finance between 2020 and 2022.

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