Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolio

RBS to stop financing new coal plants, oil sands or arctic oil projects

Published 29/05/2018, 11:21
© Reuters. FILE PHOTO: Royal Bank of Scotland signs are seen at a branch of the bank, in London
HSBA
-
NWG
-
BNPP
-

LONDON (Reuters) - Britain's Royal Bank of Scotland (L:RBS) said on Tuesday it had tightened restrictions on project finance and general lending for high-carbon energy projects and companies, joining other banks like HSBC (L:HSBA) in shoring up its climate policies.

RBS said it would no longer directly finance new coal-fired power stations or thermal coal mines, oil sands or Arctic oil projects and unsustainable vegetation or peatland clearance projects.

It also said it would no longer lend money to mining companies that generate more than 40 percent of their revenues from thermal coal or power companies that generate more than 40 percent of their electricity from coal. The previous threshold for both was 65 percent.

In April, HSBC also said it would stop funding new coal power plants, oil sands and arctic drilling, following on from other large banks such as ING and BNP Paribas (PA:BNPP).

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.