Queen's private banker Coutts aims for a greener portfolio

LONDON (Reuters) - Coutts, British wealth manager and private banker to the Queen, plans to cut carbon emissions in its funds and portfolios by 25% before the end of 2021 and has introduced climate-linked exclusions for the first time.

Reuters June 25, 2020 00:09:45 IST
Queen's private banker Coutts aims for a greener portfolio

Queens private banker Coutts aims for a greener portfolio

LONDON (Reuters) - Coutts, British wealth manager and private banker to the Queen, plans to cut carbon emissions in its funds and portfolios by 25% before the end of 2021 and has introduced climate-linked exclusions for the first time.

The bank, part of RBS Group, said it would exclude all companies that get more than 5% of their revenues from thermal coal extraction, tar sands, or Arctic oil and gas exploration.

It will also exclude any company that gets more than 25% of its revenue from thermal coal energy generation, it said in a statement, as part of a broader drive to reach a 50% reduction in its carbon emissions across all its holdings by 2030.

Leslie Gent, Coutts' Head of Responsible Investing, said it was vital the bank held itself accountable and called on regulators to ensure reform.

"To date, there has been a lot of carrot and not much stick and we believe that regulators should harden their stance to help drive real change," he said.

(Reporting by Simon Jessop; editing by Barbara Lewis)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

Guinea president 'captured', govt dissolved, claim army putschists'; attack on presidential palace repulsed, say authorities
World

Guinea president 'captured', govt dissolved, claim army putschists'; attack on presidential palace repulsed, say authorities

Reports suggest that they captured President Alpha Conde and dissolved the government, bust the ground situation remains unclear

Cryptocurrency prices tumble and exchange trading falters as snags crop up
News & Analysis

Cryptocurrency prices tumble and exchange trading falters as snags crop up

NEW YORK (Reuters) -The price of cryptocurrencies plunged and crypto trading was delayed on Tuesday, a day in which El Salvador ran into snags as the first country to adopt bitcoin as legal tender. Shares of blockchain-related firms also fell as crypto stocks were hit by trading platform outages. But the major focus was on El Salvador, where the government had to temporarily unplug a digital wallet to cope with demand.

Ford poaches Apple's car project chief Doug Field
News & Analysis

Ford poaches Apple's car project chief Doug Field

By Joseph White and Sanjana Shivdas (Reuters) -The head of Apple Inc's car project, Doug Field, is going to work for Ford Motor Co to lead the automaker's advanced technology and embedded systems efforts, a hiring coup for Ford Chief Executive Jim Farley.