NatWest pledges £ 100 billion to save the environment

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NatWest CEO Alison Rose (PA)

NATWEST is presenting its green credentials today ahead of the COP26 environmental conference in Glasgow next month, pledging £ 100 billion in funding to tackle climate change.

The bank, formerly known as the Royal Bank of Scotland, says in a just released report that a net zero crossing could not only save the environment, but also transform the economy.

He says today that a transition to net zero could create 30,000 new small businesses and 130,000 new jobs. The bank aims to make £ 100bn of climate and sustainable finance available by 2025.

It will soon be launching a “green loan” for small and medium-sized enterprises (SMEs) to encourage them to quit carbon wherever possible.

CEO Alison Rose said: “SMEs play a vital role in the UK economy, contributing around 50% of total UK turnover and around 60% of employment. We have identified potential opportunities worth £ 160bn for SMEs and the UK economy, and we want to do everything we can to help our clients get a share of that prize.

“We are with them every step of the way that takes them from awareness and understanding to the ability to act and finally to achieving a positive climate and financial impact. “

Lord Nicholas Stern, President of the Grantham Research Institute on Climate Change and Environment and Special Advisor to NatWest, said: “In the fifteen years since the publication of the Stern Review, governments and businesses have been slow to recognize the huge and growing threat climate change poses to economic development. This NatWest report is timely and important.

COP26 – a gathering of UN world leaders to discuss the climate crisis – will open on October 31 and is seen by some as almost a final show of change to prevent catastrophic climate change.

NatWest, who was rocked last week by a money laundering investigation that puts her in a fine of £ 340million, may think she must have caught up.

Skeptics of the City and the green movement say that in order for banks to achieve meaningful change – or even to achieve their own green goals – they must be willing to work together in ways that are not usual for the industry.

NatWest, still majority-owned by the government but keen to free itself from state control, says its initiatives are an “acceleration” of its previous ambitions.

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