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Natwest earmarks 100 bln pounds for sustainable finance by 2025 – Reuters

The logo of NatWest Bank, part of the Royal Bank of Scotland group is seen outside a branch in Enfield, London Britain November 15, 2017. REUTERS/John Sibley/Files

LONDON, Oct 13 (Reuters) – British lender Natwest (NWG.L) said on Wednesday it planned to increase lending linked to sustainable and climate-related finance to 100 billion pounds ($136 billion) by 2025.

The move comes ahead of global climate talks in Glasgow in November where countries will be pushed to accelerate efforts to fight climate change and transition to a lower-carbon economy.

Natwest said in a statement the money would be used across its business and include offering “green” mortgages with lower interest rates to customers buying homes with a better energy efficiency rating.

Other uses for the money could include lending to projects that benefit the environment, such as renewable energy or electric vehicles, it said in a statement.

“This marks an acceleration in NatWest’s ambition to support UK decarbonisation and the Government’s Net Zero Strategy,” the company said, referring to the country’s aim to reduce greenhouse gas emissions by mid-century.

In the first half of 2021, Natwest said it had met its full year target of providing 20 billion pounds in climate and sustainable funding and financing six months early.

($1 = 0.7352 pounds)

Reporting by Simon Jessop
Editing by Mark Potter

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