British bank NatWest said on Thursday it would immediately stop all reserve-based lending for new customers financing oil and gas exploration and extraction, before phasing it out entirely by the end of 2025.
While only a small player in energy lending, NatWest - part-owned by the British government - is still the country's biggest business bank, and retains exposure to companies operating in Western Europe and the North Sea.
NatWest did not say how much reserve-based lending it did in the sector, but its overall exposure to oil and gas businesses was 3.3 billion pounds in 2021, based on its climate disclosures, including 1.7 billion pounds of lending. The bank also announced it would provide at least 10 billion pounds of lending to the most energy-efficient homes - with grade A or B energy performance certificates - by the end of 2025.
The bank is set to launch its first climate transition plan - commitments to move to a net-zero economy - next week, alongside its full-year results.warning last year
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