Alison Rose, the new CEO of the Royal Bank of Scotland, has announced that awareness of climate change will now inform the bank’s decisions.

The Group, soon to be renamed as NatWest, has set a target of making its own operations net-carbon zero in 2020 and to halve the climate impact of its financing activities by 2030. The organisation has also set a number of specific targets such as doubling funding and financing support to sustainable energy to £20bn by 2022.

As part of the latter arrangements, the bank will stop lending to major oil and gas producers unless they have a transition plan aligned with the Paris agreement.

Announcing the new strategy, Rose stated that the bank was setting out a new commitment to be a “purpose-led organisation”.

“For me, purpose has to be the driving force in all we do. It is about making sure that in how I lead, I’m thinking about the wider positive impact that we can have on all our stakeholders when we are making decisions.” Rose added, referring to the role the bank can play in communities, socially, and in the environment.

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