By Dieter Holger

NatWest Group PLC, formerly known as Royal Bank of Scotland Group PLC, has appointed Nicholas Stern as its first ever independent climate change adviser.

The British lender said Wednesday that Mr. Stern will advise the bank's senior management for eight days a year for an initial term of two years.

Mr. Stern currently chairs the Centre for Climate Change Economics and Policy, and the Grantham Research Institute at the London School of Economics. He has previously served as chief economist at the World Bank

"We now have an opportunity to build back better," Mr. Stern said in prepared remarks. "It is crucially important for financial institutions to rise to the climate emergency."

Earlier this year, NatWest pledged to at least halve the environmental impact of its lending, among other plans.

Write to Dieter Holger at dieter.holger@wsj.com; @dieterholger

(END) Dow Jones Newswires

July 21, 2020 19:14 ET (23:14 GMT)

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