NatWest Group PLC

Climate risk was formally incorporated into the NatWest Group risk directory as a principal risk in February 2021 and in April 2021, NatWest Group Board Risk Committee approved a principles-based climate risk policy. Our Climate Opportunities Group (COG) was established to support our ambition to be a leading bank in helping to address climate change. The COG brings together colleagues from all business segments to conceptualise and develop opportunities that complement the NatWest Group climate ambition. Being a principal partner of COP26 gave us the opportunity to re-state our commitment to working with our partners to help reduce carbon emissions. At the conference in Glasgow, we focused on highlighting the practical support we are providing our customers to help them achieve their climate ambitions, as well as strengthening our existing partnerships and building new ones. Our commitment to tackling climate change means we have already reduced our direct own operations footprint by 46%, against a 2019 baseline and plan to achieve a 50% reduction by 2025. We have also set stretching targets for our wider operational value chain and have an ambition to halve the impact of our financing activity by 2030. [...] We constantly monitor regulatory change and work with our regulators to help shape those developments that materially impact the bank, lobbying when necessary either bilaterally or in partnership with one of our affiliated industry bodies. We implement new regulatory requirements where applicable and use our frequent engagement meetings with regulators to discuss key regulatory priorities.

Describe the process(es) your organization has in place to ensure that your engagement activities are consistent with your overall climate change strategy[…]As signatories of the UN Principles for Responsible Banking, NatWest Group iscommitted to an ongoing process to align our strategy with the 2015 Paris Agreement and the UN Sustainable Development Goals (SDGs). NatWest Group has an ambition to at least halve the climate impact of our financing activity by 2030 and align with the 2015 Paris Agreement.

Coutts NZAM Requirement: Please note that Coutts is included in this Group-wide response, as Coutts engage indirectly through trade associations. Details available here https://www.coutts.com/content/dam/rbs-coutts/coutts-com/Files/other-documents/TCFD.pdf

Does your organization have a public commitment or position statement to conduct your engagement activities in line with the goals of the Paris Agreement?[…]Yes