The Royal Bank of Scotland (RBS) will stop lending money to energy companies that don’t have plans in line with the Paris Climate agreement by 2021.
This commitment outlines that RBS will not lend or offer under writing services to organisations with more than 15% of coal, oil or gas related activities unless they have a climate transition plan.
Along with this, the new strategy states they will spend an additional £20 billion on climate and sustainability initiatives until 2022 and that they will phase out financing coal by 2030.
This strategy comes as a result of RBS aiming to be a flagship bank in leading the battle against climate change.
For more information on this, Energy Live News reports further.