For the past decade, NatWest Group has been the leading lender to the UK renewables sector, and we will continue to support our customers that operate in this sector as they invest further in renewables generation and deployment. We will continue to help our customers, both small and large, transition towards a low carbon economy through climate and sustainable funding and financing.
We offer services, financing and funding solutions to customers, to help them achieve their green and climate ambitions. The table shown summarises the products and services offered to our range of customers.
We have over 25 years experience in supporting our customers transition to a low carbon economy – in 1991, we financed the first commercial onshore wind farm and we have continued to provide support to the sector.
In 2020, we announced our new climate ambition ‘to be a leading bank in the UK & RoI helping to address the climate challenge’. With this ambition, and our continuous commitment to champion climate solutions, we announced our commitment to provide an additional £20 billion of funding and financing for Climate and Sustainable Finance between 2020-2022. This follows on from the £9.9 billion of funding and financing provided to customers during 2018 and 2019 towards our previous commitment of £10 billion, which was met a year early.
Having delivered £12 billion in 2020, we are bringing forward our target from 2022 to 2021. This includes funding for various low carbon generation and energy efficiency technologies, low carbon vehicles and increasingly helping clients raise funds through green bonds, green loans and green private placements.
To provide market transparency, we used our Climate and Sustainable Finance Inclusion Criteria (PDF 227KB) (Current and previous CSFI criteria can also be found in the Downloads page under Climate and Sustainable Finance) to determine the assets, activities and companies that are eligible to be counted towards this commitment.
The CSFI criteria are currently focused on supporting a transition towards a low-carbon and climate resilient economy. The assets and activities which are in scope of the CSFI criteria are in line with the eligibility criteria of one or more of the ICMA Green Bond Principles (2018), Loan Markets Association (“LMA”) Green Loan Principles, and relevant transactions (that include a specific carbon or climate related metric) under the LMA’s Sustainability Linked Loan Principles.
Progress against the £20 billion of funding and financing for Climate and Sustainable Finance during 2020, compared with activity during 2018 and 2019 for similar funding and financing, demonstrating the increased support provided to customers during 2020 to help transition to a low carbon economy.
Notable External Benchmarking
NatWest Group has been externally recognised as a leading lender to the UK renewables sector by number of transactions over the past 10 years. In 2020, NatWest Group was ranked 1st in UK project finance renewables lending.*
*Source: Inframation Deals League Table
In 2020, NWM Plc, acting as lead manager, was ranked 1st in Green, Social and Sustainability (GSS) bonds issued by UK Corporates** and had an estimated 16.8% share of the GBP-denominated GSS Bond market as measured by notional amount.***
** Source: Dealogic Full Year 2020
*** Source: Bloomberg Finance L.P. 31 December 2020
For more details on NatWest Group climate and sustainable finance, including key highlights for 2020, please see our full 2020 Climate related disclosures report (PDF 9.8MB).