Commenting on the annual general meeting (AGM) for NatWest bank taking place today, Kelly Shields, Senior Campaign Manager at ShareAction said:

“The UK and its people are facing increasing risks from wildfires, flooding, and heatwaves due to climate change – its biggest banks should be leading the way in managing these risks and safeguarding the long-term resilience of our economy.

“Despite going to great lengths to communicate its sustainability credentials and publicly committing to restrict finance for oil and gas companies without a credible transition plan, NatWest has created a loophole in its policy. This allows the bank to continue facilitating finance for companies that have backtracked on commitments and are blatantly disregarding the severity of the climate crisis.

“We are attending today’s AGM to speak directly to NatWest’s board and call on them to close this loophole, which is not only misleading to customers and shareholders, but undermining the banks commitment to net zero and preventing the most harmful impacts of global heating.”

Notes to editors

Earlier this week analysis by the Independent found that in an update from February, NatWest has amended its fossil fuel policy to allow the bank to support financing for oil and gas companies without a credible transition plan.

ShareAction will also facilitate a campaigner from Fuel Poverty Action to attend NatWest’s AGM, who will call on the bank to set a renewable power target to help the UK decarbonise and provide ordinary people with cheaper, cleaner energy.

The Banking Standards team at ShareAction partners with asset managers, asset owners, NGOs, retail investors and representatives of affected communities to demand Europe’s largest banks phase out financing to polluting activities and increase the flow of capital into low-carbon alternatives.

This press release was originally published on ShareAction's website here.