NatWest to End Ties to Some Clients Over Pollution: FT

Jim Silver, Bloomberg News

Coal piles at the Phola coal processing plant in Ogies, South Africa, on Friday, Oct. 15, 2021. 

Envoys from some of the world’s richest nations met with South African cabinet ministers to

 discuss a climate deal that could channel almost $5 billion toward ending the country’s 

dependence on coal.

 Photographer: Waldo Swiegers, Bloomberg

(Bloomberg) --

NatWest Group Plc plans to stop doing business with a group of coal companies and it will end lending to some oil-and-gas majors over their lack of “credible” green plans, the Financial Times reported, citing a company report and James Close, its head of climate change.

Close told the newspaper the number of companies affected is “relatively small.” He said it’s “dozens and less.” The energy companies that will still be able to borrow from the British bank are mainly those “that aren’t doing any more upstream oil and gas production,” he said.

The changes are to be enforced “as soon as is practicable,” NatWest said Friday in its climate disclosure report, the FT said.

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