NatWest
NWG
Financials
2
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
NatWest Group (formerly Royal Bank of Scotland) has faced significant regulatory penalties including for money laundering failures. Its predecessor RBS required a massive government bailout and has been subject to ongoing compliance enforcement actions.
NatWest Group provided $2.7 billion in fossil fuel financing in 2024, making it the 4th largest UK fossil fuel financier after Barclays, HSBC, and Lloyds, according to the Banking on Climate Chaos 2025 report (Rainforest Action Network et al.). While NatWest's fossil fuel financing is significantly smaller than global leaders (JPMorgan: $42B, Mizuho: $40B in 2024), the bank has been criticized for policy loopholes: despite publicly committing to restrict finance for oil and gas companies without credible transition plans, ShareAction identified that NatWest's policy contains a misleading loophole that allows continued financing of fossil fuel expanders. NatWest has not exited the Net Zero Banking Alliance. The bank's fossil fuel exposure is notably lower than peers, but it has not adopted a comprehensive exclusion policy for fossil fuel expansion.
Research Sources
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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