Royal Bank of Scotland is to cease funding Arctic oil projects, while also reducing lending to firms profiting mainly from coal, as part of the bank’s new energy policy. The bank will no longer provide “project-specific finance” for new coal-fired power stations, new thermal coal mines, oil sands or Arctic oil projects, or for projects connected to “unsustainable” vegetation or peatland clearing. In a statement on Monday, RBS said: “The decision by Royal Bank of Scotland, which has been in operation since 1694, reflects our commitment to support sustainable development and climate change mitigation.
Royal Bank of Scotland is to cease funding Arctic oil projects, while also reducing lending to firms profiting mainly from coal, as part of the bank’s new energy policy. The bank will no longer provide “project-specific finance” for new coal-fired power stations, new thermal coal mines, oil sands or Arctic oil projects, or for projects connected to “unsustainable” vegetation or peatland clearing. The bank will also increase its restrictions on lending to mining companies that obtain over 40% of their revenues from thermal coal, and power companies that generate over 40% of their electricity from the fossil fuel.