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 ESG ratings and benchmarks

We recognise the importance our investors place on ESG ratings in understanding our performance compared to industry standards and peers. Throughout the year, we have continued to engage with a number of ESG rating agencies, supporting our desire to provide stakeholders with the information they need to make informed decisions.

 

NatWest Group has continued to proactively respond to a number of key ESG surveys and sustainability assessments, achieving above industry average in several benchmarks.(1)

  1. In the 2024 CDP Climate Change questionnaire we achieved a score of A- (2023: A). Our 2025 assessment will take place later this year.
  2. NatWest Group scored 57 (out of 100) in the 2024 S&P Global Corporate Sustainability Assessment.
  3. As of February 2025 we have retained our ESG rating of C+ and Prime status with ISS ESG, scoring in the top performing organisations in the industry.
  4. In February 2025, NatWest Group received an ESG Risk Rating of 16.1 and was assessed by Morningstar Sustainalytics to be at Low Risk of experiencing material financial impacts from ESG factors.(2)
  5. In July 2024, NatWest Group received a rating of AA (on a scale of AAA-CCC) in the MSCI ESG Ratings assessment.(3)

     

Benchmark 2022 2023 2024 2025 Scale (highest to lowest)
CDP (Climate Change) B A A- - A to D-
CDP Industry average B- B [TBC] -
S&P Corporate Sustainability Assessment (CSA) 61 51 57 [TBC] 100 to 1
ISS ESG C+ (Prime) C+ (Prime) C+ (Prime) C+ (Prime) A+ to D-
Sustainalytics Risk Report (2) 17.4 19.8 17.7 16.1 1 to 100
MSCI ESG (3) AA AA AA [TBC] AAA-CCC
FTSE4Good 4.3/5 4.5/5 4.5/5 (4) [TBC] 5 to 0

Ratings as at 26 February 2025

 

Footnotes:

(1) The ESG ratings presented on this page are ratings that (i) have been updated in 2024/25 on NatWest Group (or its subsidiaries); and (ii) we have determined provide meaningful benchmarking against our peers and industry standards. These ratings are (i) unsolicited;  (ii) subject to the assessment and interpretation by the ESG rating agencies which use different definitions, scope and methodologies leading to variation in ESG ratings for any given company; (iii) provided without warranty; (iv) not a sponsorship, endorsement, or promotion of NatWest Group by the relevant rating agency; and (v) may depend on many factors some of which are beyond NatWest Group’s control (e.g. any change in rating methodology). Currently, ESG rating providers are not subject to any specific regulatory or other regime or oversight like credit rating agencies. Some ESG ratings providers only rely on public information and outputs and therefore their ESG rating may be subject to data gaps.

(2) Copyright © 2024 Morningstar Sustainalytics. All rights reserved. This publication contains information developed by Sustainalytics (www.sustainalytics.com). Such information and data are proprietary of Sustainalytics and/or its third-party suppliers (Third Party Data) and are provided for informational purposes only. They do not constitute an endorsement of any product or project, nor an investment advice and are not warranted to be complete, timely, accurate or suitable for a particular purpose. Their use is subject to conditions available at https://www.sustainalytics. com/legal-disclaimers.

(3) The use by NatWest Group of any MSCI ESG Research LLC or its affiliates (“MSCI”) data, and the use of MSCI logos, trademarks, service marks or index names herein do not constitute a sponsorship, endorsement, recommendation, or promotion of NatWest Group by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided “as-is” and without warranty. MSCI names and logos are trademarks or service marks of MSCI.

(4) No assessment has been undertaken by FTSE4Good in 2024, therefore the existing score remains 4.5/5.

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