Royal Bank of Scotland Group PLC said it will curb its financing of certain carbon-intensive energy projects.
The U.K. bank will no longer offer project-specific finance to coal-fired power stations, thermal coal mines, oil sands or Arctic oil projects and unsustainable vegetation or peatland clearance projects.
RBS also said it will not lend money to mining companies producing more than 40% of their revenues from thermal coal, down from 65%, or power companies generating more than 40% of their electricity from coal, also down from 65%.
