Royal Bank of Scotland will no longer fund Arctic oil projects
State-backed Royal Bank of Scotland will no longer fund Arctic oil projects and is to cut lending to firms profiting from coal as it takes a harder line on climate change.
The bank, due to face shareholders at its annual general meeting in Edinburgh today, will stop bankrolling new coal-fired power stations or extracting oil from the Arctic or tar sands.
HSBS, Paribas and BBVA are making similar commitments.
RBS also said it would also not lend to power companies generating more than 40 per cent of their electricity from coal.