Operational environmental footprint
NatWest Group has set a bold ambition to be a leading bank helping to address the climate challenge. To support this, our goal is that our own direct operations are net zero in 2020 and climate positive by 2025.
Increasing our ambition to become climate positive
NatWest Group has set ambitious new goals to continue our decarbonisation, aiming to be climate positive by 2025 for our own operations through a combination of emissions reductions in line with a 1.5ᵒC science-based target and carbon offsetting. Whilst we understand offsetting isn’t the long term solution, we feel that it is the best way to mitigate our impact whilst we focus on eliminating our emissions at source.
In order to take our emissions to net zero in 2020 we will offset all Scope 1, 2 and 3 (business travel) emissions from our own operations this year through the purchase of internationally recognised carbon credits.
We will maintain this level of offsetting and similtaneously reduce emissions from our own operations a further 25% by 2025 from our 2019 baseline, so that we offset more carbon than we emit. This will move us beyond net zero to become climate positive.
We will also place more focus on our value chain maintaining Zero Waste to Landfill United Kingdom and Republic of Ireland (UK & RoI), eliminating unnecessary single-use plastics, and reducing waste 20% by 2025.
These goals have been set in alignment with UK and devolved government strategies , the United Nations Sustainable Development Goals (UN SDGs) and circular economy approach.
NatWest Group was jointly the first company globally to commit to all three of the Climate Group Initiatives pledging to:
- Use only renewable electricity in our direct global operations by 2025 (RE100).
- Install electric vehicle charging infrastructure in more than 600 spaces across our UK & RoI portfolio by 2030 (EV100).
- Upgrade our job car fleet of around 300 vehicles to electric models by 2025 (EV100).
- Reduce our energy consumption 40% by 2025 against its 2015 baseline (EP100).
The table below details our new 2025 environmental targets:
(*)Limited assurance provided by Ernst & Young LLP.