NatWest Group surpasses climate and sustainable funding and financing target

NatWest Group has completed £9.5 billion worth of climate and sustainable funding in the first half of 2021, exceeding its target of £20 billion in 2020-2021 six months early.

NatWest Group aims to play a leading role in championing climate solutions, by supporting its customers towards a low carbon, sustainable economy through both climate and sustainable funding and financing.

The £9.5 billion of funding and financing comprised of £6.3 billion in NatWest Markets, £2.5 billion in Commercial Banking and £0.6 billion in RBS International.

James Close, Director of Climate Change at NatWest Group said: “At NatWest Group, we are helping to accelerate the speed of the transition to a low carbon economy by working with and helping our customers to deliver climate-friendly projects and solutions."

"We are pleased to have met our target to provide £20 billion of climate and sustainable funding and financing to our customers six months early – demonstrating the appetite and pace of the transition.”

Total exposure to the Oil and Gas sector decreased by £0.7 billion during H1 2021 down to £3.5 billion, due to net repayments and a new tighter lending criteria. As of 30th June 2021, exposure to Oil and Gas majors amounted to £1.1 billion, in comparison to £1.3 billion on the 31st December 2020.

NatWest Group is supporting its business and retail customers to help them understand and reduce their carbon emissions.

Earlier this year, the bank also signed up to the Net Zero Banking Alliance commitments. These commitments include transitioning all operations and financed emissions to net zero by 2050 at the latest. The bank has previously said it would halve the climate impact of its financing activity by 2030, having reached net zero carbon on its own operations last year.

Close added: “We are proud to be banking sponsor of the COP26 climate summit and will continue to encourage the necessary action and pace of change needed to decarbonise the economy by working across the financial services sector to raise ambition and with our customers to support their transition.”