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RBS to stop funding major oil producers without a climate plan

1 month ago   |   By Energy Voice

The Royal Bank of Scotland is to stop financing oil majors such as Shell and BP, unless they can satisfy the bank that their businesses are in line with the Paris climate agreement.
RBS, which is rebranding as NatWest, said big oil and gas companies have until 2021 to put “a credible plan” in place, or face losing the bank's support.
“We plan a full phase-out from coal by 2030; also, to stop lending and underwriting to major oil and gas producers unless they have a credible transition plan aligned with the 2015 Paris Agreement in place by the end of 2021,” the bank said as new chief...
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