The Royal Bank of Scotland (RBS) has helped provide loans of almost $16 billion to coal-related companies over the last two years, according to detailed estimates in a report by a coalition of environmental NGOs, including Friends of the Earth Scotland, People & Planet and PLATFORM. 

The report compiles public evidence of coal industry financing by UK banks in the last two years, and reveals that RBS has helped lend more money to the coal industry, in more deals, than any other major UK bank.

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RBS released its 2007 Corporate Responsibility Report over two weeks late. This happened after a coalition including Friends of the Earth Scotland pre-empted its publication, casting doubt on the bank's green credentials in the light of its ongoing role in financing fossil fuel expansion around the world.

In 2007 RBS supported the fossil fuel industry with over $7 billion, while the bank's embedded emissions passed 50 million tonnes of CO2 - more than Scotland's.

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Loughborough University People & Planet successfully passed a motion committing their students' union to writing to NatWest to warn that they will move their bank account if RBS-NatWest don't commit to cutting their embedded emissions by 2009.

To publicise the issue, the P&P group staged fights between endangered animals and a NatWest CEO and collected oily finger signatures on a giant world.

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At a mock trial preceding RBS' AGM in Edinburgh, People & Planet students from across the country held RBS to account. Grey whales, boreal forest, oil pipelines and coal plant cooling towers were witnesses testufying to RBS' complicity in driving climate chaos.

The gathered jury overwhelming concluded that RBS was guilty of environmental and climate crimes and gave the bank a suspended sentence to clean up its lending by 2009 or face a boycott.

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The Women's Institute, RSPB, Christian Aid and other large aid organisations have criticised RBS for financing coal plants and extraction.

During 2007, RBS co-arranged almost $1 billion towards US coal plants at Plum Point and Sandy Creek, was part of a $2 billion credit towards Dynegy, the company building more coal plants in the US than any other, and co-arranged almost $5 billion for E.ON, the power company behind controversial plans for a new coal plant at Kingsnorth.

Students in Edinburgh delivered Valentine's card to RBS banches across the City containing amended versions of Sonnet 155

Oh dearest loyal royal Scotland bank
I contemplate your foul affair with oil
And dream of oil fields stinking smell most rank
The fuel that leaves them earth's climate to spoil

[Full version on facebook ]

New campaign materials are now available from People & Planet and PLATFORM. These include stickers, action cards and action booklets. Materials can be ordered from People & Planet.

The Sheffield P&P group were first to use the new action cards, distributing them while acting our the action card (left) with street theatre outside their local NatWest branch, raising awareness of RBS' dodgy dealings with many customers and passersby. [Action Card ]

Edinburgh University Students Association passed a motion for the university to use its £9.2 million investments in RBS to pressure the bank to stop funding fossil fuel extraction. If RBS has failed to end its financing of new fossil fuel extraction by the 2009 AGM, the university is expected to sell its shares. 400 students voted for the motion during EUSA's AGM on November 7.

On November 6th, Edinburgh People & Planet carried a banner to the front of an RBS careers presentation, and asked difficult questions over RBS practices.

[The motion ][Article in Scotsman ]

Royal Bank of Scotland, through its stake in the Bank of China, is supporting and profiting from Burmese military rule. RBS controls 8.5% of Bank of China, key backer of Chinese oil company Sinopec, who is propping up the Burmese military regime.
Last month Sinopec began drilling a well with the Burmese regime’s oil company. The launch ceremony on September 26 coincided with the first day of the dictatorship’s brutal crackdown on civil dissent.

[Press Release][Article in Sunday Herald] [Letter to RBS]

From Edinburgh to Cornwall, blockades to invisble theatre, RBS felt the sting of creative direct action on Monday October 15th. Rising Tide, local People & Planet and Camp for Climate Action groups held at least 25 different actions at local branches and central offices. Pipelines were delivered to branches in Oxford and Cardiff while six homeless polar bears locked themselves across a vehicle entrance in Bristol. A banner was hung above the glass canopy of the main London Bishopsgate office (right). [more]

Scottish students from the People & Planet network launch campaign against RBS. Groups in Edinburgh protested outside RBS student branches during freshers' weeks, calling on them to withdraw investments from oil extraction. [more]

Amnesty International raised concerns that RBS' investments in China could be encouraging slave labour and pollution. [more]

As the Royal Bank of Scotland prepares to announce its interim 6-month profits on Friday, NGOs warn that the bank’s financing of oil & gas projects may threaten current & future profit margins. Calculations indicate that the bank is carrying unaccounted for current carbon liabilities of up to almost £1 billion, over 20% of the bank’s interim profits. [more]

The oil bank of scotland

RBS-NatWest is driving climate change and feeding carbon addiction faster than any other British bank. Pouring billions into fossil fuels and working intimately with oil corporations, the bank is locking huge emissions into our future. 

About the Campaign

People & Planet and PLATFORM are campaigning for RBS to recognise its climate responsibilities and move its moneyfrom the dirtiest fossil fuels into sustainable energy.

Links

People & Planet

PLATFORM

Friends of the Earth Scotland

BankTrack