UN Principles for Responsible Banking
We were founding signatories of the UN Principles for Responsible Banking (PRB) in 2019 and our ambition is to align our strategy with the 2015 Paris Agreement and UN Sustainable Development Goals (SDGs).
We take collective action through our signatory status and memberships to move forward as a responsible business. In collaboration with our various partners, we have progressed a number of key initiatives throughout 2022.
During 2022 we continued our participation in the UN Global Compact, publishing our annual Communication on Progress. We continued our participation in the Making Global Goals Local Working Group and the Modern Slavery Working Group, and we supported the webinar series on social mobility with funding and speakers.
We chaired the FMSB ESG Ratings Working Group, to produce a White Paper examining ESG rating methodologies and data collection processes that has fed into International Organisation of Securities Commissions (IOSCO), European Securities and Markets Authority (ESMA) and Financial Conduct Authority (FCA) working groups on the matter.
The Transition Plan Taskforce (TPT) was launched by HM Treasury in April 2022 to develop the gold standard for private sector climate transition plans. Our CEO sits on the steering group, enabling NatWest Group to support the development and implementation of the UK’s Sustainability Disclosure Requirements.
NatWest Group is proud to be a founding partner of the Sustainable Markets Initiative (SMI). Alison Rose DBE, was invited to speak at the SMI’s CEO Summit held as part of New York Climate Week and we jointly ran a collaborative event at COP27 to drive collective action to transition the agricultural ecosystem. NatWest Group was awarded the SMI’s Terra Carta Seal in 2022.
We were a partner of Business in the Community’s (BITC) 40th anniversary celebrations during 2022 and remain signatories to the Mental Health at Work Commitment and the Race at Work Charter. We support BITC Regional Leadership Boards across the UK and funded a pilot in Coventry and Bradford to support 202 small businesses, which included 127 women entrepreneurs and 140 business owners from ethnic minority background.
We are the first financial services organisation to become a CIPD People Development Partner (PDP). NatWest is strongly aligned with the CIPD Profession Map, which is principles-led, evidence-based and outcomes-driven. We have delivered sessions to help colleagues understand the map and where their roles sit within it. Our human resources team also participated in a ‘data boot camp’ as part of our ambition to develop future skills.
In July 2021, Coutts became the first UK-headquartered private bank to become B Corp certified. Since the certification, Coutts has engaged with more than 75 clients and 12 suppliers about achieving B Corp status and also worked with NatWest Group’s purpose-led Accelerator to support 130 entrepreneurs and business leaders by providing a deep dive into the B Corp certification journey and encouraging them to take the B Impact Assessment (BIA) as a strategic exercise for their businesses.
1. NatWest Group is not a Certified B Corp. Coutts is currently the only Certified B Corp business in the NatWest Group
As a member of the Powering Past Coal Alliance, we aim to support the organisation’s goal to advance the transition from unabated coal power generation to clean energy, and continue to phase-out of coal, in line with our 2024 and 2030 ambitions. To view full details of our Power Generation and Mining & Metals policies, please visit ESE & reputational risk management.
Please see below for more examples of NatWest Group signatories, memberships, and accreditations.
We are aware of the increasing importance of providing our investors and other stakeholders with relevant and meaningful sustainability information.
Please see below to find out more about our alignment to several industry reporting standards:
Please read our 2022 Environmental, Social and Governance (ESG) Supplement in full for more details on how we collaborate with others.
Read more about how we are working to embed and integrate the SDGs into our strategy.