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2023 ESG Disclosures Report

Environmental, Social and Governance (ESG) Disclosures

2023 ESG Disclosures Report

Creating a positive impact

From supporting the day-to-day financial needs of 19 million customers to the other positive impacts we can have.

Chief Financial Officer review

“The reciprocal relationship between our business and the communities we serve forms the essential social licence under which we operate.”

Katie Murray
Chief Financial Officer

2023 Progress highlights

Climate, enterprise, learning and diversity, equity and inclusion (DE&I) 2023 highlights at a glance.

  • Climate(1)
  • Learning
  • Enterprise
  • DE&I

£61.9 billion(*)

cumulative contribution towards £100 billion climate and sustainable funding and financing target.(2)

90%

of loans and investments(3)  exposure as at 31 December 2022 analysed for financed emissions measurement.

4 of 9

sectors aligned to decarbonisation convergence pathway.(4)

£0.4 billion(*)

exposure to oil and gas major customers.(5)

£0.3 billion(*)

exposure to in-scope coal customers.(5) 

49%

of Managed Assets considered portfolio aligned to a net-zero pathway as at 31 December 2023 against ambition of 70% by 2030.(6)

54%

reduction in Scope 1 and location-based Scope 2 emissions and 26% reduction in Scope 3 operational value chain emissions against SBTi validated targets for a 50% reduction by 2030.(7)

301000(*)

interventions delivered to start, run, and grow a business against a target of 275,000 interventions in 2023.

57000(*)

number of youth interventions against a target of 50,000 in 2023.

45000(*)

individuals and businesses supported by enterprise programmes against a target of 35,000 in 2023.

75%(*)

of those supported based in regions outside London and South East England, against a target of 75%.(8)

55%(*)

of support provided to women against a target of 50%.(8)

34%(*)

of support provided to people from an ethnic minority background against a target of 20%.(8)

18.4 million(*)

financial capability interactions delivered between 2020 and 2023 against a target of 15 million by 2023.(9,10)

2.3 million(*)

additional customers helped to start saving between 2020 and 2023 against a target of 2 million by 2023.(11, 12)

c.6 million(*)

customers helped to manage their financial wellbeing against our ambition to help 10 million people, per year, manage their financial wellbeing by 2027.(13)

41%(*)

women in our CEO-3 and above global roles.(14) Our target is full gender balance in CEO-3 positions and above globally by the end of 2030.

13%(*)

colleagues from ethnic minority backgrounds in our CEO-4 and above UK roles. Our target is to have 14% of colleagues from ethnic minority groups in CEO-4 and above positions in the UK by the end of 2025.

1.9%

of colleagues who identify as Black in the UK in CEO-5 and above roles. Our target is to reach 3% by end of 2025.

40%

of NatWest Group Board members are women as at 31 December 2023.

1

member of the NatWest Group Board is from a minority ethnic background as at 31 December 2023.

(1) Our climate ambitions are unlikely to be achieved without timely and appropriate government policy, technology developments, as well as supplier, customer and societal response.
(2) Between 1 July 2021 and the end of 2025.
(3) Loans and investments relate to on-balance sheet gross lending and investment exposure, accounted at amortised cost (including finance leases) and FVOCI.
(4) Based on 2022 emissions, reflecting sectors included in our Climate transition plan. Refer to section 2.3 of our 2023 Climate-related Disclosures Report for details.
(5) Our Credible Transition Plan (CTP) assessment undertaken in 2021, which is monitored annually, employed a top-down approach to identify existing coal-related customers, utilising the expertise of our frontline teams. However, we recognise that this was a point-in-time assessment and ongoing work is required to ensure due consideration to external factors such as energy security. During 2024, we are working to review our ESE policies and have set up a working group within the Commercial & Institutional franchise to develop guiding principles for assessment of thermal and lignite coal embedded within activities like transportation, storage, supply chain and value-add services.
 (6) Our net zero by 2050 AUM ambition encompasses total AUM, including Managed Assets, Bespoke and Advisory (refer to 2023 Climate-related Disclosures Report page 76 for details). We consider Managed Assets (those assets we invest on our customers’ behalf, which represented 84% of AUM as at 31 December 2023) to be in scope for our interim 2030 portfolio alignment target and weighted average carbon intensity (WACI) ambition.
(7) Against a 2019 baseline. Scope 3 emissions relating to our operational value chain only. See sections 2.7 and 5.1 of 2023 Climate-related Disclosure Report for further details. Scope 3 Category 15 financed emission is covered in section 5.2 and 5.3 of our 2023 Climate-related Disclosure Report.
(8) Demographics cover uniquely supported individuals and young people supported.
(9) Includes financial capability interactions delivered through MoneySense, Financial Health Check (FHC), Know Your Credit Score (KYCS) and Spending Features. Excludes additional initiatives in 2023 included in 2022 and 2021 (including savings goals, direct regular savers & investing journey).
(10) Spending Features has been measured based on customers that have accessed spending at least twice or more in the last 90 days as at 30 September 2023 following app enhancements which changed the measurement criteria.
(11) Includes instances where customers had existing savings with other banks and transferred them into a NatWest Group account.
(12) Includes an additional 144,000 customers for 2021 and 2020. The customers helped to start to save criteria were revised in April 2022 to reflect products aligned to the ambition.
(13) Includes FHC, KYCS, Saving goals, Round Ups and Spending Features. Spending features has been measured based on customers that have accessed spending at least twice or more until 30 September 2023. During Q4 2023 the location of the spending feature within the mobile app changed following app enhancements which lead to us changing the measurement criteria in Q4 to align to the new location.
(14) To maintain integrity, we remove colleagues from our reporting that sit in CEO-3 and above that do not hold leadership or influential roles.
(*) Within the scope of EY assurance. Refer to page 63 of our 2023 ESG Disclosures Report
Serving our customers every day
Serving our customers every day
Serving our customers every day
Serving our customers every day

Serving our
customers
every day​

Key 2023 disclosures​

Enterprise

2023 Green, Social and Sustainability Bonds Allocation and Impact Report

2023 Green, Social and Sustainability Bonds Allocation and Impact Report

Enterprise

2023 Climate-related Disclosures Report

Supporting the potential of UK business

Understanding ambition and helping to remove the barriers to enterprise

Climate

2023 ESG Disclosures Report

Funding the drive to clean transport

Finance enabling the transition to net zero

Enterprise

2023 ESG Frameworks Appendix

2023 ESG Frameworks Appendix

Understanding ambition and helping to remove the barriers to enterprise

Enterprise

2023 Annual Report and Accounts

Supporting the potential of UK business

Understanding ambition and helping to remove the barriers to enterprise

ESG Disclosures archive

Item Year Date Title Downloads
data-ip3- 2023 26.04.24

2023 Green, Social and Sustainability Bonds Allocation and Impact Report

Latest view of the estimated environmental and social impacts from the proceeds of our GSS bonds portfolio.

data-ip3- 2023 16.02.24

Climate-related Disclosures Report 2023

Progress against our climate ambitions and Climate transition plan.

data-ip3- 2023 16.02.24

ESG Disclosures Report 2023

Progress on Environmental, Social and Governance (ESG) matters.

data-ip3- 2023 16.02.24

Non-Financial Information Datasheet 2023

Summarises our selected non-financial information data on our key ESG metrics.

data-ip3- 2023 16.02.24

ESG Frameworks Appendix

Our progress with reference to industry-wide sustainability standards: United Nations Principles of Responsible Banking Global Reporting Initiative Standards, World Economic Forum International Business Council Stakeholder Capitalism Metrics and Sustainability Accounting Standards Board Standards.

data-ip3- 2023 16.02.24

EY Sustainability assurance statement

Assurance statement for in-scope ESG metrics.

data-ip3- 2023 16.02.24

2023 Sustainability basis of reporting

Our approach, scope, and controls for certain sustainability metrics included in the 2023 reporting suite. The definitions, scope and exclusions, and methods used to prepare these metrics has been used as the Reporting Criteria against which the measurement and presentation of these metrics was evaluated by Ernst & Young LLP (EY) as part of their assurance.

data-ip3- 2022 28.04.23

2022 Green, Social and Sustainability Bonds Allocation and Impact Report

data-ip3- 2022 17.02.23

Climate-related Disclosures Report 2022

Details our progress in our climate ambitions including an overview of our approach to climate-related governance, strategy (including scenario analysis), risk management, metrics and targets.

data-ip3- 2022 17.02.23

ESG Disclosures Report 2022

data-ip3- 2022 17.02.23

Non-Financial Information Datasheet 2022

Provides a summary of NatWest Group’s non-financial performance

data-ip3- 2022 17.02.23

ESG Frameworks Appendix

Our progress with reference to industry-wide sustainability standards

data-ip3- 2022 17.02.23

EY Sustainability Assurance Statement

Auditors assurance over selected ESG content

data-ip3- 2022 17.02.23

2022 Sustainability Basis of Reporting

Details our approach, scope, and controls for the sustainability metrics included within the auditors' Sustainability Limited Assurance Engagement

data-ip3- 2021 31.05.22

2021 Green, Social and Sustainability Bonds Allocation and Impact Report

data-ip3- 2021 18.02.22

ESG Supplement 2021

Provides an overview of our purpose in action and key environmental, social and governance matters including progress

data-ip3- 2021 18.02.22

Climate Related Disclosures Report 2021

Details our progress in our climate ambitions including an overview of our approach to climate-related governance, strategy (including scenario analysis), risk management, metrics and targets.

data-ip3- 2021 18.02.22

Non-financial information datasheet 2021

Provides a summary of NatWest Group’s non-financial performance

data-ip3- 2021 29.10.21

Climate, Purpose and ESG measures supplement Q3 2021

Details our approach, scope, and controls for the sustainability metrics included within the auditors' Sustainability Limited Assurance Engagement

data-ip3- 2021 09.09.21

Purpose Highlights

An overview of our performance and measurement for a selection of our Climate, Purpose and ESG measures

data-ip3- 2021 18.02.22

EY Sustainability assurance statement

Auditors assurance over selected ESG content

data-ip3- 2021 18.02.22

2021 Basis of Reporting

Details our approach, scope, and controls for the sustainability metrics included within the auditors' Sustainability Limited Assurance Engagement

data-ip3- 2021 30.07.21

Climate, Purpose and ESG measures supplement H1 2021

Provides a summary of NatWest Group’s performance and measurement for a selection of our Climate, Purpose and ESG measures

data-ip3- 2020 12.03.21

ESG Supplement 2020

Provides an overview of our purpose in action and key environmental, social and governance matters including progress

data-ip3- 2020 19.02.21

Climate Related Disclosure Report 2020

Details our progress in our climate ambitions including an overview of our approach to climate-related governance, strategy (including scenario analysis), risk management, metrics and targets.

data-ip3- 2020 12.03.21

Global Reporting Initiative (GRI) Index 2020

Tables that show our full or partial alignment to the relevant standards

data-ip3- 2020 12.03.21

Sustainability Accounting Standards Boards (SASB) Index 2020

Tables showing our disclosures against the six SASB Financial Industry Standards that we have identified as most closely aligned to our business

data-ip3- 2020 12.03.21

UN Principles of Responsible Banking Reporting 2020

PRB self-assessment report

data-ip3- 2020 12.03.21

EY Assurance statement

Auditors assurance over selected ESG content

data-ip3- 2020 12.03.21

2020 ESG Basis of Reporting

Details our approach, scope, and controls for the sustainability metrics included within the auditors' Sustainability Limited Assurance Engagement

data-ip3- 2020 12.03.21

Strategic Report 2020

View our GSS Bond Framework and investor materials.​

Independent ESG ratings agencies assess our performance against other companies and organisations, view a summary of recent results.​

View the voluntary sustainability commitments and standards that NatWest Group is a signatory to.​

View the latest policies and statements from NatWest Group.

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