Campaign group ShareAction said it will present letters at the AGM, including a statement signed by investors with $1.4 trillion in assets. According to ShareAction, the signatories include the Church of England Pensions Board, Rathbones Investment Management, EdenTree Investment Management, Nest, and the Greater Manchester Pension Fund. The statement, according to ShareAction, calls for the bank to meet investors within the next three months to discuss its future climate strategy. ShareAction will also deliver a letter signed by 70 climate scientists and experts calling on NatWest to 'show leadership and reverse the backtracking on climate commitments', the group said. According to The Guardian - Business, Jeanne Martin, head of banking programme at ShareAction, described NatWest's rollback of fossil fuel restrictions as showing the board is heading in the wrong direction, and said the backtracking fuels the climate crisis and creates long-term risks for the economy.
According to campaigners and media reports, NatWest weakened its climate commitments: it dropped restrictions on lending to oil and gas companies lacking a credible transition plan, removed a pledge not to finance exploration companies with most assets outside the UK, and abandoned targets for aluminium, cement, and steel. However, the bank said it retained interim targets to at least halve its climate impact compared with 2019, while working towards net zero emissions by 2050.
NatWest spent years presenting itself as a climate leader, but quietly rolling back fossil fuel restrictions shows the board is heading in the wrong direction.
A NatWest spokesperson said the bank refined its approach to reflect the evolving policy environment and areas where it can deliver the greatest impact. According to multiple reports, the AGM was forced to pause due to disruption from climate protesters, and chairman Rick Haythornthwaite adjourned the meeting after protesters disrupted his address. The moves come amid an industry-wide rollback on green finance, with the Net Zero Banking Alliance ceasing operations following a member exodus, according to reports. The outcome of shareholder votes on board members was not immediately clear, and the bank has not announced a specific timeline for the promised meeting with investors.
This kind of backtracking has real consequences, fuelling a climate crisis that is already damaging homes, health and livelihoods, and creating long-term risks for the economy.
Concerned investors as well leading climate scientists, underlining why retreating from climate commitments is both dangerous and short‑sighted.