Protesters force a pause to ensure NatWest hears the message it was already responding to

NatWest Group was forced to suspend its annual shareholder meeting after climate activists disrupted proceedings, as tensions between campaigners and the bank over its approach to fossil fuel financing escalated.

The AGM in London was halted for around 30 minutes during opening remarks by chairman Rick Haythornthwaite, after protesters interrupted the session with chants and statements criticising the bank’s climate strategy.

Campaign group ShareAction presented a statement backed by investors managing around $1tn (£1tn) in assets, including major institutional shareholders such as the Church of England Pensions Board, the Greater Manchester Pension Fund and Rathbones Investment Management.

The group accused NatWest of weakening its climate commitments, arguing that the bank had reduced the ambition of its fossil fuel policies and stepped back from earlier pledges not to finance oil and gas companies without credible transition plans or full emissions disclosure.

Investors also called for Mr Haythornthwaite to meet shareholders directly to address concerns over the bank’s long-term climate strategy, with some urging votes against his re-election at the AGM.

The Church of England Pensions Board has said it intends to oppose the chair’s reappointment, adding weight to growing shareholder dissent.

In response, Mr Haythornthwaite defended the bank’s position, stressing that the overwhelming majority of NatWest’s lending is directed towards renewable energy rather than fossil fuels, with oil and gas accounting for just 0.6pc of total lending.

He reiterated that the bank retains its target of at least halving the climate impact of its financing activities by 2030 compared with 2019 levels.

“I don’t want to take what sounds like a backtracking as a major shift,” he said, adding that the bank’s climate targets “matter” and remain in place.

The incident highlights growing friction between financial institutions and activist investors over the pace and direction of climate transition strategies, with banks increasingly caught between regulatory expectations, shareholder pressure and energy security realities.