Singing activists disrupt NatWest meeting over ‘climate backtracking’

NatWest's annual shareholder meeting in Edinburgh was temporarily suspended due to a protest by activists concerned about the bank's climate policies. Protesters, wearing "No more big oil" t-shirts, disrupted the proceedings with song, leading to a half-hour adjournment. Upon resumption, shareholders and representatives, including one from the Church of England pension board, questioned the bank's recent policy adjustments, particularly its decision to relax lending restrictions on oil and gas companies lacking transition plans. The bank's chair, Rick Haythornthwaite, defended the institution's climate commitments, stating they aim to halve climate impact by 2030 and achieve net zero financing by 2050, while also increasing sustainable lending.

The incident highlights the growing pressure on financial institutions to align their investment strategies with climate goals and the challenges they face in balancing these commitments with customer support and risk management.