NatWest Group plc

NatWest Group plc reported Total CO2e Emissions - Market-Based Scope 1 + Scope 2 for the twelve months ending 31 December 2021 at 21 Kt (-10 /-32.6% y-o-y). Also positively, carbon intensity plummeted to 1.3 t (-2 /-60.6% y-o-y).

NatWest Group plc's Scope 3 emissions decreased to 45 Kt (-8.6 /-16.1% y-o-y). This is a higher rate of decline than over the period since 4Q'14 (-11.5% CAGR).

The company is committed to reducing Scope 1 + 2 by 50% by 2025 from a base year 2019, which it appears to have already achieved as of 2021. This target, however, has not been recognised as science-based (and as aligned with Paris Agreement) by the SBTi.

Also, the company commits to achieving net zero for all Scopes by 2050, which translates into the estimated reduction of -2.3 Kt per annum over the period of FY2022 - FY2050. This target, however, has not been recognised as science-based (and as aligned with Paris Agreement) by the SBTi.

Also, the company commits to reducing Scope 3 by 50% by 2030 from a base year 2019, which translates into the estimated reduction of -2.2 Kt per annum over the period of FY2022 - FY2030. This target, however, has not been recognised as science-based (and as aligned with Paris Agreement) by the SBTi.

NatWest Group plc also has a science-based goal that, however, does not appear to explicitly target a company-wide reduction in emissions in absolute terms. Headline target: NatWest Group’s portfolio targets cover 39% of its total exposure (1) as at 31 December 2019. Within its loan portfolio, NatWest Group’s portfolio targets cover 79% of total consumer and corporate lending as at December 2019. (1) Total exposure comprises cash and balances at central banks, loans to banks and customers, trading assets, derivatives and other financial assets. These targets and coverage % do not include third-party asset management activities. https://sciencebasedtargets.org/resources/files/Target-language-and-summary-NatWest-Group.pdf