Going green could create £160bn and 130,000 jobs for small firms – now we can ALL cash in, says NatWest boss

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  • Alison Rose to address summit on how business can tackle the climate crisis
  • She insists that companies can reap the benefits if they understand the nettle and act now.
  • Rose also says that NatWest will help its customers make the green change.
  • She also discusses when savers will see the end of disappointing interest rates.

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Alison Rose has a jam-packed itinerary for the next two weeks—and one theme dominates her schedule: climate change.

While the rest of the country worries about rising gas prices, a shortage of lorry drivers and warnings of a lack of Christmas gifts, NatWest owners are gearing up for two global summits in London and Glasgow to tackle the carbon emissions crisis.

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On Tuesday, Rose will address the Prime Minister and 200 of the world’s most iconic business titans at the Science Museum in London, where she plans to detail how businesses and families can turn the climate crisis into a huge opportunity.

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Alison Rose at Harvest London, which NatWest finances to use 95 percent less water and no pesticides. She says that 130,000 jobs could be created if Britain moves to a green economy.

Rose says he is acutely aware that for many of NatWest’s 19 million customers, tackling the world’s carbon emissions is far down their list of priorities.

But she is adamant that companies and households that understand the nettle and operate now can reap the benefits.

“Sometimes the scale of the problem can feel so huge and so frightening, it’s almost easy to say that I could possibly impact,” Rose told The Mail on Sunday in her first major newspaper interview since getting the top job at NatWest. Can’t put it.”

‘Of course, there’s a huge amount on people’s minds – for example, if you’re a parent, you’re trying to take your kids to school, to get them to do lateral fluency tests, to get yourself to work. are thinking about.

“But we have seen opportunities for small businesses and £160 billion in revenue and 130,000 jobs could be created,” she says of the move to a green economy.

And she adds to the laws already passed by the government: ‘When you look at the law, the decision has been made – we’re going to zero zero, those changes are coming.

‘Diesel cars are going to end in 2030. Coal is being removed in a phased manner. So you have to start action now.

Many of its customers — and NatWest’s army of smallholders — would be forgiven for wondering what’s in it for Rose.

Surely the most important idea for a huge bank like them is to make money, not to spread the word about environmental issues to the customers? Is this just a marketing ploy?

Rose strongly rejects this notion. She says the government has pledged to reach ‘net zero’ by 2050, meaning carbon dioxide will be removed as much as is pumped into the atmosphere.

Crucially, this will require new infrastructure, from charging points for electric vehicles to new heating for homes.

Environmental incentives: NatWest offers so-called 'green' mortgages, where borrowers can get better interest rates on energy efficient new-built homes, and plans to launch more such products.

Environmental incentives: NatWest offers so-called ‘green’ mortgages, where borrowers can get better interest rates on energy efficient new-built homes, and plans to launch more such products.

Rose has already pledged £100bn of funding within five years to help clients take advantage of these types of projects and reduce their own emissions.

For families, the bank is already offering so-called green mortgages, giving borrowers better interest rates for energy-efficient new-built homes, and is expected to launch more ‘green’ products in the future. Is.

In other words, Rose sees the green shift as an opportunity to boost a bank’s lending – and therefore profit – while having a positive impact on the environment.

“Obviously we are a commercial business, but equally we are helping customers make a difference,” she says.

Our job is to try to translate this very scary, big issue that we’re all worried about so you can do it in a way that’s really easy

‘We know that climate change is a concern. Our job is to try to translate this really scary, big issue that we’re all worried about so you can do it in a way that’s really easy.’

Rose is also aware that the track record of banks in terms of carbon emissions is hardly clear.

Just last week, billionaire hedge fund tycoon Chris Hone – Chancellor Rishi Sunak’s former city boss – sounded the alarm over banks funding fossil-fuel projects.

In a letter to the Bank of England, the head of The Children’s Investment Fund Management said lenders should be required to expand the limits of their carbon emissions financing.

Rose acknowledged that there is still work to be done and committed to halving carbon emissions by NatWest by 2030.

“We are a really big lender to the agriculture sector, which is important to the country, but represents 19 percent of our emissions financing,” she says.

Rose became chief executive of NatWest in 2019, and was the first female boss of a major UK lender.  It has linked its salaries and senior employees' bonuses to meet climate goals

Rose became chief executive of NatWest in 2019, and was the first female boss of a major UK lender. It has linked its salaries and senior employees’ bonuses to meet climate goals

‘That’s why we work in partnership with farmers unions and supermarkets like Tesco on supply chains to help fund that transition.’

She says the bank is now funding only those firms that have clear plans to move from fossil fuels to more renewable energy sources.

Since becoming chief executive of NatWest in 2019, Rose has placed climate change at the center of her strategy. He has linked his senior bankers’ bonuses to climate-related goals – and his own salary.

When Rose took over from Ross McEwan, she became the first female boss of a major British high street lender.

Prior to this, the 52-year-old headed NatWest’s commercial and private banking division among other senior roles, joining the bank in 1992 as a graduate trainee.

We meet at his office at the top of 250 Bishopsgate, a grand glass tower…

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