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UK's Royal Bank of Scotland quits coal power financing

-Bank introduces new energy financing policies to fund sustainable energy sector and support low carbon transition

home > Renewable, Coal, Projects, Europe 30.05.2018 10:57 Hale Türkeş

UK's Royal Bank of Scotland quits coal power financing

The Royal Bank of Scotland (RBS) announced Tuesday that it would no longer provide project-specific finance to new coal-fired power stations, new thermal coal mines or Arctic oil projects.

The bank has also ended financing for oil sands projects, unsustainable vegetation or peatland clearance projects, according to a press release.

"These changes follow the bank's substantial reductions in fossil fuel exposures and growth in renewables in recent years as it refocuses its business on the U.K., Ireland and Western Europe," the bank said.

Noting a "growing interest" in the role banks can play in tackling climate change, RBS said it had funded more British renewable energy projects than any other U.K. bank for the last six years running.

"In addition, RBS is also tightening its restrictions on general lending to companies involved in coal, meaning it will not provide finance to mining companies generating more than 40 percent of their revenues from thermal coal – a reduction from 65 percent," the statement said.

Included are also power companies generating more than 40 percent of their electricity from coal – again a reduction from 65 per.

According to the statement, RBS announced in March that it was committing to provide £10 billion ($13.2 billion) of funding to the sustainable energy sector between 2018 and 2020 and that 80 percent of its energy project financing went to renewables in 2017.

The bank sources 90 percent of its U.K. and Ireland electricity from renewables and reported a 39 percent drop in its own CO2 emissions since 2014 with plans to develop further measures to help personal and business customers reduce their own emissions and energy costs.

Kirsty Britz, director of Sustainable Banking at RBS, underlined the change the bank went through recently.

"The RBS of 2018 is very different to the bank we were a few years ago. If we're going to support our customers in the long run, then it means addressing the challenge of climate change and the risks and opportunities it presents," she said.

"We want to help build a cleaner, more sustainable economy for the future, and these policy changes form part of our broader approach to this major issue."

By Hale Turkes

Anadolu Agency

energy@aa.com.tr


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21.09.2019 Solar , Renewable , World

Over $3B investment planned in Turkey via joint venture

- New Albayraklar Companies Group also plans on expanding investments to Turkey's neighboring countries
21.09.2019 Renewable , International Relations

Natural gas, wind to lead US electricity generation

- Electricity generation from both sources are estimated to rise by 6% this year
19.09.2019 Electricity , Natural Gas , Wind , General

World to focus on climate summit amid oil tensions

- Despite attacks on Saudi oil sites and geopolitical tensions, climate change to be on world agenda with upcoming summit
19.09.2019 Oil , Renewable , Downstream , Refining/Petro Chemistry , World , Middle East-Africa , General

Turkey's daily wind power generation hits record

- Nearly 19 percent of total electricity was generated from wind farms on Sunday
17.09.2019 Electricity , Finance , Wind , Turkey , General

World needs more energy with less emission

- Causes of the Great Depression is eerily familiar with today, says Indian economist Ajay Chhibber
16.09.2019 Geothermal/Biomass , International Organization , General

New EV fast charging stations start in Italy, Austria

- Each station allows simultaneous charging of two vehicles in about 30 minutes
14.09.2019 Renewable , Europe

UAE's Masdar and French EDF join for energy efficiency

- Consortium also has several renewable energy projects in the works in Middle East
13.09.2019 Renewable , International Relations , Middle East-Africa

Wind power industry tech. sees flat growth in Q2 2019

- Onshore wind industry becomes top category in wind technology for number of contracts in second quarter
12.09.2019 Wind , General

Global climate strikers to meet online

- Participants of global climate strike to present strategies to overcome climate change
12.09.2019 Geothermal/Biomass , General

$1.8 tn. for climate adaptation to yield $7.1 tn.

- Global leaders call for urgent action on climate adaptation
12.09.2019 Renewable , International Organization , Europe

European wind turbines need upgrades by 2028: WoodMac

-From 2019 to 2028, an average of 4 GW of turbines per year are reaching end-of-design-life
11.09.2019 Finance , Wind , Europe , General

Decarbonizing Belt & Road to help avoid climate crisis

- Decorbanizing the $12 trillion infrastructure investment on Belt & Road Initiative could change climate crisis: Report says
03.09.2019 Renewable , Turkey , Asia

Hydro leads in providing most of Norway's power in July

- Norway produces 9.79 terawatt-hours of electricity in July
03.09.2019 Hydro , Europe , General

Turkey's Zorlu Energy establishes company in Palestine

- Company plans to install 1.8-megawatt solar power plant to meet Palestine's electricity needs
30.08.2019 Solar , Energy Projects , Middle East-Africa , General

Turkey's elec. prod. from unlicensed solar up 23.8%

- Unlicensed solar power plants produced 4.410 GWh of electricity between January-June, according to energy ministry
29.08.2019 Electricity , Solar , Turkey

Enel starts construction on Chile’s largest solar plant

- Facility to have approximately 382 megawatts of installed capacity and avoid more than 900,000 tons of carbon emissions
28.08.2019 Solar , Americas

ExxonMobil enters carbon capture tech. development deal

- ExxonMobil and Mosaic Materials to evaluate opportunities for industrial uses of Mosaic's innovative new technology
28.08.2019 Solar , Americas

Scotland funds £3.4 million for tidal energy project

- Two-megawatt O2 floating tidal energy turbine project to power more than 1,700 homes per year
26.08.2019 Hydro , Invesments , Europe

Scandinavia’s largest offshore wind farm opens

- The Horns Rev 3 wind park will provide enough power for 425,000 Danish households
23.08.2019 Electricity , Wind , General

Philippines boosts clean power to meet greater demand

- The country plans to increase its generation capacity and energy supply through domestic resources
23.08.2019 Renewable , Asia , General

GE produces 500th wind turbine blade in Bergama, Turkey

- Bergama factory represents a $50 million commitment to Turkey
22.08.2019 Wind , Energy Projects , Turkey , General

German E.ON invests in 440-megawatt wind farm in Texas

- Construction of wind farm, with over $500 million investment, will start at the end of the year
20.08.2019 Finance , Wind , Energy Projects , General

UK backs clean energy projects in S. Africa with £14M

- Projects expected to power nearly 200,000 homes annually
20.08.2019 Renewable , Projects , Invesments , Middle East-Africa

Offshore wind expects to increase by over 25% by 2030

- By end of 2018, cumulative global offshore wind installed capacity grew to 22,592 megawatts (MW) from 176 projects
21.08.2019 Finance , Wind , Americas , General

Shell debuts electric vehicle charging in Southeast Asia

- Shell plans on having 10 electric vehicle charging stations in Singapore by October 2019
20.08.2019 Renewable , Asia

Hydro leads in providing most of Norway's power in June

- Norway produces 9.47 terawatt-hours of electricity in June
15.08.2019 Hydro , Europe , General

Turkey to 'resolutely' continue drilling in E. Med: VP

- Turkey to continue to defend rights of its own, Turkish Cypriots, says Vice President Fuat Oktay
14.08.2019 Natural Gas , Hydro , Energy Diplomacy , Turkey

Climate change affecting food security: UN

- Report sets out ways to tackle land degradation, prevent further climate change
09.08.2019 Renewable , General

Turkey's Naturel Energy Co. goes public

- Company's initial public offering on Monday is valued at around 70 million Turkish liras
09.08.2019 Solar , Invesments , Turkey

Equinor joins wind farm development in Argentina

- Wind farm, with a total investment estimated at around $190 million, will provide a power capacity of 120 megawatts
08.08.2019 Finance , Wind , General

Battery, smart grid efficiency firms draw $1.7B in 1H19

- Investments in battery storage and efficiency companies rise while funding drops in smart grid firms in first half of 2019
07.08.2019 Renewable , Invesments , Asia , Americas

Climate breakdown: One of world's greatest human rights issues

- U.S. 2017 withdrawal from Paris Climate Agreement, approach on climate issue 'utterly shameful', says activist
06.08.2019 Renewable , General

Amazon adds 2 new renewable investments to portfolio

- With new additions in Ireland and U.S., Amazon's renewable energy projects total 66 globally
04.08.2019 Renewable , Europe

Enel signs Chile's largest renewable energy supply deal

- Subsidiary Enel Generacion Chile to supply power to AngloAmerican mining company when agreement takes effect from 2021
31.07.2019 Electricity , Renewable , International Relations , Energy Projects , Americas

Biggest wind farm in Scotland starts operations

- £2.5 billion Beatrice wind farm to generate 588 megawatts of energy, enough to power 450,000 homes annually
31.07.2019 Electricity , Wind , Europe

India leads with lowest renewable cost in Asia Pacific

- Australia’s solar power to be cost competitive against coal next year
30.07.2019 Solar , Renewable , Asia , General

3 banks to co-finance Turkey’s largest geothermal plant

- When fully completed next year, the largest geothermal plant’s eight units will have total installed capacity of 260 MW
26.07.2019 Finance , Geothermal/Biomass , Turkey , General

Siemens Gamesa signs 94 MW wind contract in Brazil

- Company will install 27 SG 3.4-132 wind turbines to provide clean and affordable energy for Sao Francisco river region
26.07.2019 Finance , Wind , Americas , General

Europe's new wind installations up in 1h19 to 4.9 GW

- In the first half of 2019, Europe invested €8.8 billion in construction of future wind farms, WindEurope data reveals
26.07.2019 Finance , Wind , Europe , General

Global solar PV installations set to hit record in 2019

- Wood Mackenzie estimates that global annual solar installations will rise to around 125 gigawatts by early 2020
26.07.2019 Finance , Solar , Asia , General

Top 10 wind turbine makers to spend €2.3B on R&D by 2023

- Wood Mackenzie reports shows that almost 100 new turbine models will hit the market by 2024
25.07.2019 Wind , Projects , Electricity , World , Asia , General

Taiwan emerges as new renewable energy center

- With innovative technologies and internationally-focused companies, Taiwan advances as new global renewables leader
25.07.2019 Renewable , Finance , Invesments , Asia
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