“Energy supplies are changing rapidly as coal becomes a declining part of the mix and attention turns to cleaner forms of energy to support the Paris Climate Agreement and national targets. In March, RBS announced it was committing to provide £10bn of funding to the sustainable energy sector between 2018 and 2020 and that 80% of its energy project financing went to renewables in 2017.
“The new policy changes being announced build on this momentum. Covering the mining, power and oil and gas sectors, they mean the bank will not provide project-specific finance to:
• New coal fired power stations
• New thermal coal mines
• Oil sands projects
• Arctic oil projects
• Unsustainable vegetation or peatland clearance projects
“In addition, RBS is also tightening its restrictions on general lending to companies involved in coal, meaning it will not provide finance to:
• Mining companies generating more than 40% of their revenues from thermal coal – a reduction from 65%.
• Power companies generating more than 40% of their electricity from coal – a reduction from 65%.”
FULL STORY published May 2018 via RBS