As reported by Reuters, Britain’s Royal Bank of Scotland (RBS) announced yesterday that it had tightened restrictions on project finance and general lending for high-carbon energy projects and companies.
RBS said it would cease directly financing new coal-fired power stations or thermal coal mines, as well as oil sands or Arctic oil projects and unsustainable vegetation or peatland clearance projects.
It also said it would stop lending money to mining companies that generate over 40% of their revenues from thermal coal, or power companies that generate more than 40% of their electricity from coal; the previous threshold for both was 65%.
In April, HSBC also said it would stop funding new coal power plants, oil sands and arctic drilling, following on from other large banks such as ING and BNP Paribas.