Natwest is the latest bank to join the Bankers for Net Zero coalition, which was launched in 2019 to look at risks and help facilitate the financial transition towards net zero.
The organisation brings together banks, businesses and policymakers to implement the necessary measures to achieve net zero.
Other banks that are part of the alliance include HSBC and Santander, as well as sustainability-focused institutions Triodos bank and Ecology Building Society as well as mobile only challenger Atom Bank, among others.
It comes as criticism has been levied at banks for investing in fossil fuel centred clients and failing to do enough on climate change.
Speaking to the publication Edie Natwest head of climate change James Close said: “Unlocking and mobilising the finance needed to support the UK’s transition to net zero will require the sector to de-risk the transition and ensure that policy, regulation and finance are all playing their part in enabling the UK economy to transform itself”
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“Bankers for Net Zero provides a complementary platform for banks to work together to address the climate challenge. We look forward to getting stuck in to support the group to drive change and leverage existing initiatives including Glasgow Financial Alliance for Net Zero”
Previously Natwest has launched a digital carbon planner to assist UK businesses in managing their future fuel and operational costs and reducing their carbon footprint.
According to recent data from the non-profit ShareAction almost four in every ten customers (38%) would be likely to change banks if they knew that theirs was investing in fossil fuels.
A further 54% would look for a new service if they new their bank was investing in businesses that failed to meet labour and human rights standards.
