NatWest faces potential backlash at its upcoming shareholder meeting in Edinburgh, where activists and investors, including the Church of England, are calling for a protest vote against Chairman Rick Haythornwaite. This comes in response to the bank easing lending restrictions on oil and gas and dropping some decarbonization targets without proper justification. ShareAction and others are demanding accountability from the board, with a letter signed by investors managing $1.4 trillion in assets.
Additionally, 70 climate scientists have urged NatWest to reverse its recent setbacks in addressing climate change. The bank’s controversial policy changes include lifting its previous commitment to avoid lending to oil and gas companies without a credible transition plan. Critics argue that these moves undermine public trust and perpetuate the fossil fuel economy.
Gene Martin from ShareAction stressed that NatWest’s retreat from climate commitments threatens the escalating climate crisis. In response, NatWest asserts its long-term goal of achieving net-zero emissions by 2050 and emphasizes that its updated policies reflect a desire to provide clearer support for the evolving transition needs.
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