Sustainability in financial services
What is sustainable banking?
Sustainability in banking means managing our environmental impact and helping businesses and individuals to make sustainable choices, through the services and advice we offer.
It also means ensuring our customers’ money is not invested in businesses and projects that damage the environment and society.
At heart it’s about thinking long term about the impact of our financial activities and decisions.
Sustainable investment and decision making
All funding and loans we provide are checked against ESG (environmental, social and governance) criteria. This ensures we make informed decisions and always consider the environmental impact of our financing.
We’ve set an ambitious target to at least halve the climate impact of our financing activity by 2030. As part of this we’re:
- stopping lending to major oil and gas producers unless they have a credible transition plan, in line with the 2015 Paris Agreement, by the end of 2021
- phasing out banking services to UK coal production, coal-fired generation and coal infrastructure by 1 October 2024
You can find out more about how we’re tackling environmental issues in our climate change strategy.
Responsible banking to help businesses
Sustainable banking doesn’t just mean divesting from harmful activities, it’s also about investing in the green businesses, initiatives, skills and technologies that can make a difference.
We’ve pledged to provide over £20bn of funding for climate and sustainable finance through loans for green projects, renewables and electric vehicles.
Through our products, services and expertise we want to help all businesses to make the transition to a low carbon economy and a sustainable future.