While some banks are hiking rates on mortgages and consumer loans, others are refraining from cooperating with companies without green plans. As part of its commitment to tackling climate change, National Westminster Bank, one of the biggest banks in the UK, intends to cease doing business with coal producers and end lending to certain oil and gas majors. National Westminster Bank (NatWest) officially stopped working with several energy sector companies and pledged to halt operations with firms if they do not have “credible decarbonization plans.” James Close, NatWest’s head of climate change, announced the new strategy. He said that the number of companies involved was “relatively small. Dozens and less”. One of the companies considered the coal industry as a promising business. “It was pretty obvious that there was no landing space between us,” Close said. NatWest is planning to “fully exit” relationships with the coal companies and focus on working with firms not related to the gas and oil industry. Coal is one of the most polluting fossil fuels and the world needs to refrain from using it to fight climate change. Today, the energy industry companies are under pressure because they are forced to reconsider their cooperations with companies lacking robust climate plans.
