Singing activists disrupt NatWest meeting over ‘climate backtracking’

NatWest’s annual general meeting in Edinburgh was briefly adjourned after activists disrupted proceedings by singing protest songs condemning the bank’s climate policies. Protesters wearing T-shirts with slogans such as “No more big oil” and “No bombs” interrupted the meeting shortly after it began, demanding stronger action against fossil fuel financing. The group, linked to Extinction Rebellion’s XR Money Rebellion campaign, criticized NatWest for allegedly backtracking on its climate commitments, prompting a tense exchange during the event. The disruption occurred as shareholders debated the bank’s recent policy changes, including the removal of a pledge not to lend to oil and gas companies without credible transition plans or transparent carbon emissions reporting. Concerns about these shifts led some investors, including the Church of England pension board, to vote against the reappointment of NatWest chair Rick Haythornthwaite. Haythornthwaite defended the bank’s approach, emphasizing NatWest’s commitment to halving its climate impact from 2019 levels and achieving net zero emissions from its financing by 2050. He highlighted the bank’s £19 billion energy transition finance in the latter half of 2025 and its ambition to reach £200 billion in sustainable lending by 2030. Haythornthwaite, who has a background in geology and energy exploration, described the policy adjustments as a pragmatic balance between supporting customers’ energy transitions and navigating a complex regulatory environment. He stressed that oil and gas financing represents only 0.6% of NatWest’s total lending and reaffirmed the bank’s refusal to invest in controversial fossil fuel projects such as shale oil, oil sands, and coal-related ventures. Despite these assurances, critics argue that the bank’s revised stance weakens its climate commitments and undermines efforts to address the climate crisis. The meeting also featured broader discussions on executive pay and staff wages, reflecting ongoing shareholder concerns about corporate governance and social responsibility. The protest and shareholder dissent underscore growing pressure on financial institutions to align their lending practices with global climate goals and to demonstrate transparent, accountable leadership in the transition to sustainable finance.