Royal Bank of Scotland Group has announced in its annual report today that it intends to stop lending and underwriting to coal, oil and gas companies that do not have a ‘credible transition plan in line with the 2015 Paris Agreement’ in place by end of 2021.
Responding to the announcement, Oxfam’s climate policy advisor Kiri Hanks said:
“This pledge is a welcome wake-up call to fossil fuel companies to keep coal, oil and gas reserves in the ground.
“It is now vital that RBS tracks all energy companies on its books to ensure they are serious about making the transition to a zero carbon future. Barclays and other banks should follow suit.
“By continuing to support fossil fuels, banks and other financial institutions are complicit in the climate emergency that is already pushing the world’s poorest people deeper into poverty and hunger.”
RBS Group released its Annual Report and Accounts today.
On page 38, it announces plans to “stop lending and underwriting to companies with more than 15% of activities related to thermal and lignite coal; unless they have a credible transition plan in line with the 2015 Paris Agreement in place by end of 2021” and a full phase-out from coal by 2030. It also pledges to “stop lending and underwriting to major oil & gas producers unless they have a credible transition plan aligned with the 2015 Paris Agreement in place by the end of 2021”.