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Climate activists today forced NatWest chairman Rick Haythornthwaite to adjourn the bank\u2019s AGM by staging a demonstration over the banks\u2019s decision to soften its policies on fossil fuel investments.<\/p>\n
NatWest, parent of Royal Bank of Scotland, disclosed in February that it had loosened some of the restrictions it had imposed on financing of clients\u2019 fossil fuel activities.<\/p>\n
This includes lifting a ban on working with oil and gas majors that do not have climate transition plans aligned with the 2015 Paris agreement to limit global warming.<\/p>\n
The bank said at the time that its changes were a response to the \u201cevolving policy environment\u201d, but investor campaign group Share Action has warned that \u201cthis kind of backtracking has real consequences\u201d.<\/p>\n
A few minutes into the chairman\u2019s address to shareholders today, nine protestors bearing t-shirts with the slogan \u201cNo More Oil\u201d stood and began singing.<\/p>\n
Despite repeated appeals for them to sit and ask questions later, the demonstration continued.<\/p>\n
One man said: \u201cWe are asking for the board to move back to its position of no funding fossil fuel companies.\u201d<\/p>\n
He said they wanted a commitment from the board at today\u2019s meeting.<\/p>\n
Mr Haythornthwaite replied: \u201cThat is not going to happen.\u201d<\/p>\n
The protestors were issued out of the conference room at NatWest HQ at Gogarburn. Despite the chairman forbidding photography, one filmed the demonstration. After a 15-minute break the meeting resumed.<\/p>\n During questions, Mr Haythornthwaite offered to meet representatives of Share Action. He offered a \u201cpersonal response\u201d on the energy transition by saying all his properties were electric.<\/p>\n \u201cI take climate change very, very seriously, as do all of the board,\u201d he said. \u201cWe have to wrestle with how we balance supporting our clients with transition and managing a complex policy environment.\u201d<\/p>\n He said the board was committed to meeting its targets. \u201cThose commitments have not gone away. We have gone further by raising funding to customers on transition commitments.\u201d<\/p>\n He added that the \u201coverwhelming balance of our investments remain on renewables and de-carbonisation\u201d and that just 0.6% is related to oil and gas.<\/p>\n \t <\/div>\n![\"\"](\"https:\/\/dailybusinessgroup.co.uk\/wp-content\/uploads\/2026\/04\/Rick-Haythornthwaite-at-Gogarburn.png\")