• 9,700 estimated new jobs created/enabled through the employment generation social bond


NatWest Group has published its Green, Social and Sustainability (GSS) Bonds Allocation and Impact Report 2023, which shows the estimated environmental and social impact of its GSS bonds. Environmental benefits include avoiding an 0.121 million tonnes of CO2e estimated carbon emissions. The asset categories of NatWest Group’s issued GSS bonds cover renewable energy, green buildings, employment generation, affordable housing and support for women-led businesses. Since launch in 2019, up to 31 December 2023, NatWest Group bank has issued GSS bonds with a combined notional at issuance of £3.9 billion.

An estimated 9,700 jobs have been created or enabled in the UK through the Employment Generation Bond. This is based on a point-in-time view of the loans included in the asset pool as at 31 December 2023.  In March 2023, NatWest Group issued its €500 Women-led Business Bond, the first of its kind from a European financial institution. At 31 December 2023, it has supported over 14,500 loans to women-led businesses across the UK.

The net proceeds of NatWest Group’s social bond for employment generation has been used to finance or refinance general corporate purposes loans issued to UK SMEs located in the 30% most economically deprived Local Authority Units. Of the estimated 9,700 jobs created or enabled, the health and social work sector has benefitted the most (19% of the created or enabled jobs). This is followed by financial and insurance activities (18%) and accommodation and food services (18%). London has benefitted the greatest with 39% of created or enabled jobs followed by the North West (18%) and Wales (7%). 


Donal Quaid, Group Treasurer, NatWest Group said:

“As a leading UK bank with 19 million customers, we are well placed to support them to make sustainable choices. We do this through driving value and growth from the commercial opportunities of the transition to a fairer and more inclusive net zero economy. Serving our customers in this way is good for our communities and environment, as well as our business.

“We believe that contributing to a strong GSS capital market is another way in which the bank supports UK economic growth. As this report shows, we believe that our GSS financing is generating impacts across the UK. This is through both the primary funding benefits to recipient businesses and the indirect effect of our lending on local economies.”


Notes to editors:

  • Read the full report here with special regard to pages 25 – 26 (Data limitations, assumptions and risks) and pages 27 – 28 (Important Information)
  • This press release is for media use only and is not a financial promotion.



Laura Blumenthal
Media Relations Manager, Commercial & Institutional Banking


About NatWest Group

NatWest Group is a UK-focused banking organisation, serving over 19 million customers, with business operations stretching across retail, commercial and private banking markets.

GSS Impact Report

Download the 2023 Green, Social and Sustainability Bonds Allocation and Impact Report

The information contained in our press releases is intended solely for journalists and media and should not be used by consumers to make financial decisions. Terms and conditions apply to any products or services mentioned in our press releases.

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