Royal Bank of Scotland will no longer fund Arctic oil projects and has pledged to cut lending to firms profiting largely from coal as part of an updated energy policy. The changes cover the mining, power and oil and gas sectors and are aimed at taking a tougher line on climate change. They mean the bank will not provide “project-specific finance” to new coal-fired power stations, new thermal coal mines, oil sands or Arctic oil projects, or those involved in “unsustainable” vegetation or peatland clearing. RBS will also tighten restrictions on general lending to mining firms that source more than 40 percent of their revenues from thermal coal, and power companies that generate over 40 percent of their electricity from coal. The former threshold was 65 percent.

Posted by

Guardian