One of the world’s biggest financiers of fossil fuels is taking its business to green energy. A global trend of withdrawing investments in fossil fuels is sweeping the globe as Royal Bank of Scotland (RBS) has reduced its global lending to oil and gas companies. The bank is also doubling its green energy loans in the U.K to £1 billion ($1.4 billion) a year. Financial institutions are shifting away from fossil fuel investments as the Bank of England, the World Bank and others warn that action to cut carbon emissions could leave coal, oil and gas assets stranded. Along with RBS, the world’s biggest sovereign wealth fund, held by Norway, dumped 52 coal companies including the U.K firm Drax.
Fossil fuels continue to fall as green deals grow following Royal Bank of Scotland divestment
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