NatWest Pledges to End Business Loans for New Oil and Gas Projects

The logo of NatWest Bank, part of the Royal Bank of Scotland group, is seen outside a branch in Enfield, London, on Nov. 15, 2017. John Sibley/Reuters

British banking giant NatWest has said it will immediately stop all reserve-based lending to new customers for the purpose of financing oil and gas exploration, extraction, and production.

NatWest’s Chief Executive, Dame Alison Rose, said on Thursday that she wanted to send a very clear message that the lender was not “letting up on tackling climate change.”