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New report released on RBS coal finance during RBS-sponsored Climate Week

Richard — Thu, 24 Mar 2011 17:06:25 +0000

‘Dirty Money – Corporate greenwash and RBS coal finance’ takes the case of the Royal Bank of Scotland, an international bank with interests across the fossil fuel sector that is promoting itself as a genuine actor in climate change efforts. RBS is the UK high street bank that has been most heavily involved in financing the hydrocarbon industry. It is sponsoring Climate Week, a nation-wide event involving hundreds of organisations around the country that is undermined by sponsorship from RBS.

In the years from 2008 to 2010 inclusive, RBS was involved in providing finance worth almost €8 billion to companies listed in the world’s 20 biggest operators of coal mines and generators of coal-based electricity.

See http://blog.platformlondon.org/content/new-report-released-today-rbs-coal-finance-launch-day-rbs-sponsored-climate-week.

New PLATFORM report reveals RBS is UK bank most involved in financing loans to tar sands companies

Richard — Mon, 08 Mar 2010 11:18:14 +0000

Tar sands extraction in Canada is devastating Indigenous communities, wildlife and vast areas of boreal forests, as well as being many times more carbon-intensive to produce than ‘conventional’ oil.

“We are seeing a terrifyingly high rate of cancer in Fort Chipewyan where I live. We are convinced that these cancers are linked to the Tar Sands development on our doorstep. It is shortening our lives. That’s why we no longer call it ‘dirty oil’ but ‘bloody oil’. The blood of Fort Chipewyan people is on these companies’ hands.” - George Poitras, former chief of Mikisew Cree First Nation.

The higher oil prices in recent years have meant that it’s become a more attractive prospect for oil companies to expand their operations in the costly process of obtaining and processing the thick bitumen into a usable form. It’s estimated that the industry is looking for a capital investment of $120-$220 billion over the next 20 years to build the new pipelines, mines, refineries and upgraders that are necessary to sustain the boom.

This report looks at the role that UK banks are playing in providing the necessary capital, and how RBS, which is 84% owned by the UK public, has been the bank the most heavily involved in underwriting loans to companies engaging in tar sands extraction.

See http://blog.platformlondon.org/rbstarsands.

A fund for climate chaos

RBS investment in tar sand exploitation is a highly irresponsible use of public bailout money.

See http://www.guardian.co.uk/commentisfree/2010/mar/04/rbs-tar-sands-publi-investment.

Take action

Tar sands (also known as oil sands) are one of the biggest single factors threatening efforts to tackle climate change. Tar sands make up the world’s second largest oil reserves (173 billion barrels) and the damage they can cause to the climate is even worse than conventional oil. The greenhouse gas emissions of converting tar sands into fuel is three times higher than for conventional oil and roughly three barrels of natural gas are consumed to create one barrel of oil. Tar sands also have human rights costs. The pollution, deforestation and wildlife disturbance associated with tar sands developments also threaten the traditional livelihoods and wellbeing of indigenous communities. If you are a member of a pension scheme, your pension provider almost certainly has substantial shareholdings, held on your behalf, in the companies who are involved in (or considering becoming involved in) tar sands developments. This spring your pension provider will have the chance to vote on tar sands developments at shareholder meetings of BP and Shell, and will be making up its mind about how to vote anytime now.

See http://www.fairpensions.org.uk/tarsands/action.

Landmark case against Treasury chucked out

Richard — Thu, 05 Nov 2009 12:51:05 +0000

Campaigners have reacted angrily after a court case which saw the Treasury accused of breaking its own rules on the spending of public money when buying the Royal Bank of Scotland (RBS) was thrown out of court. The case, which sought a judicial review over claims that investing in RBS broke government promises to combat climate and human rights abuses, was halted after a judge ruled that the Treasury acted within the law to protect the interests of its shareholders. Campaigners have said they will appeal the decision.

See http://www.journal-online.co.uk/article/5956-landmark-case-against-treasury-chucked-out. Further coverage at http://www.environmental-finance.com/onlinews/2210ukt.html and http://www.journalonline.co.uk/News/1007154.aspx.

Treasury taken to court for RBS loans to Vedanta Resources, GCM

Richard — Tue, 20 Oct 2009 11:36:26 +0000

Ministers face embarrassment in the high court when the Treasury is forced to explain why the state-owned Royal Bank of Scotland has been lending money to the controversial mining firm Vedanta Resources, whose activities have been criticised by another government department. The legal battle will highlight the financial support being given by the bank to a range of other companies engaged in activities such as coal mining and Arctic oil drilling – all of which could be considered contrary to wider policy commitments on climate change and carbon emissions.

See http://www.guardian.co.uk/business/2009/oct/18/rbs-vedanta-loan-court-case.

Sign the petition telling Chancellor Alastair Darling to take action on RBS’s appalling record in financing fossil fuels. See http://38degrees.org.uk/page/s/RBS#petition.

UK Treasury in court fight over RBS investments

Richard — Sat, 29 Aug 2009 09:43:17 +0000

The Treasury faces a potentially embarrassing court battle in October over its alleged failure to impose minimum environmental and human-rights standards on investments made by Royal Bank of Scotland, the state-owned lender. Three campaign groups – World Development Movement (WDM), Platform and People & Planet – have won a full hearing over whether the Treasury has breached its own policy to tackle climate change and reduce carbon emissions by using public funds to bail out RBS, which has long been one of the biggest lenders to the energy industry. In a victory for the campaigners, a High Court judge ruled that they have at least an arguable case that the government acted unlawfully and should be allowed to present full oral submissions. Click here to read more.

Redesign the Royal Bank of Scotland for Sustainability
Open brief from Amelia’s Magazine and PLATFORM • Closing date: 2nd Nov 2009
The Royal Bank of Scotland. RBS. Formally known with pride as the “oil and gas bank” due to their close alliance with the fossil fuel industries. What on earth would I have to do with them? They may have lost the unfortunate moniker, partly due to a hugely successful campaign by People and Planet student activists who launched a spoof ad campaign and website named the Oyal Bank of Scotland before delivering a host of greenwashing awards – but they’re certainly not due for any special ethical mentions yet. See http://www.ameliasmagazine.com/amelias_blog/2009/08/redesign_the_royal_bank_of_sco.php.