NatWest commits to Science-Based Targets initiative

FILE PHOTO: People maintain social distance while they queue outside a Natwest bank in Wimbledon, following the outbreak of the coronavirus disease (COVID-19), London, Britain, May 1, 2020. REUTERS/Hannah McKay

LONDON (Reuters) - NatWest NWG.L said on Monday it had signed up to the Science-Based Targets initiative as part of its efforts to reduce its carbon emissions.

The bank set out targets in February to make its own operations net zero carbon by the end of this year and to at least halve the climate impact of its finance activity by 2030.

The Science-Based Targets initiative, a collaboration between groups including the United Nations Global Compact (UNGC), sets best-practice standards and assesses company efforts to align with the Paris Agreement on climate change.

More than 1,000 companies have committed to setting such targets - including rival HSBC HSBA.L - which are increasingly seen by investors as crucial to show how businesses will meet their green ambitions.

Britain is set to host the COP26 climate change summit in Glasgow next year.

Reporting by Iain Withers; editing by Simon Jessop and Jason Neely