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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  The Royal Bank of Scotland Group plc    RBS   GB00B7T77214

THE ROYAL BANK OF SCOTLAND GROUP PLC

(RBS)
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RBS Pledges End to Coal Funding, Stricter Oil Rules

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02/14/2020 | 06:18am EST

By Dieter Holger

 

The Royal Bank of Scotland Group PLC said Friday that it would end financing for coal by 2030 and place stricter rules on oil-and-gas majors, joining other banks that have made similar sustainability moves as investors and the public demand action on climate change.

"Today marks a new era," said Alison Rose, chief executive of RBS, who took the helm in November.

RBS said it would end coal financing by 2030 and stop lending and underwriting companies with more than 15% of their activities related to coal by the end of 2021, unless they have a transition plan in line with the Paris Agreement. It also pledged to halt lending and underwriting major oil-and-gas producers without a transition plan by 2021.

The bank, which is set to rebrand as Natwest Group PLC later this year, said it would halve the climate impact of all financing by 2030 and double funding for climate and sustainable finance to 20 billion pounds ($26 billion) by 2022.

RBS's move comes as the British government--and the European Union--aims to reach carbon neutrality by 2050 and is set to host the next global climate change conference, COP26, in Glasgow this year. The European Commission has estimated that, including the U.K. which has exited the EU, it could cost up to 575 billion euros ($624.4 billion) a year for the bloc's 28 member states to hit the climate ambition, or around $18.7 trillion over the next 30 years.

"This will be a significant challenge as we, like others, do not yet fully understand what this will require and how it will be achieved, not least as there is currently no standard industry methodology or approach," Ms. Rose said.

 

Write to Dieter Holger at dieter.holger@wsj.com; @dieterholger

 

Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL -3.62% 49.54 Delayed Quote.-16.85%
THE ROYAL BANK OF SCOTLAND GROUP PLC -4.51% 174.55 Delayed Quote.-23.68%
WTI -4.40% 44.53 Delayed Quote.-16.16%
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Financials (GBP)
Sales 2020 11 815 M
EBIT 2020 4 790 M
Net income 2020 1 942 M
Debt 2020 -
Yield 2020 6,49%
P/E ratio 2020 13,1x
P/E ratio 2021 8,61x
Capi. / Sales2020 1,87x
Capi. / Sales2021 1,85x
Capitalization 22 149 M
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Mean consensus HOLD
Number of Analysts 24
Average target price 239,03  GBp
Last Close Price 183,40  GBp
Spread / Highest target 120%
Spread / Average Target 30,3%
Spread / Lowest Target -19,0%
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NameTitle
Alison Marie Rose-Slade Chief Executive Officer
Howard John Davies Chairman
Mark Bailie Chief Operating Officer
Katie Murray Chief Financial Officer & Executive Director
Brendan R. Nelson Independent Non-Executive Director
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