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 investment 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 . RBS’ director of sustainable banking, Kirsty Britz, said: “If we’re going to support our customers in the long run, then it means addressing the challenge of climate change and the risks and opportunities it presents. The bank will also increase its focus on lending to mining companies that obtain over 40 % of their revenues from thermal coal , and power companies that generate over 40 % of their revenues from the fossil fuel .
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 investment 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 focus on lending to mining companies that obtain over 40 % of their revenues from thermal coal , and power companies that generate over 40 % of their revenues from the fossil fuel .