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Page added on August 22, 2010

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How RBS funds ‘dirty oil’

Business

Revealed: the £13bn at the heart of a global protest

This weekend, Royal Bank of Scotland is facing its biggest protests in a long history of protests. Environmental groups and hundreds of climate protesters are camped on the lawn at RBS’s Gogarburn headquarters, on the outskirts of Edinburgh.

At the centre of the protest is a growing anger at the bank’s role in funding the world’s dirty oil and gas industries, at huge environmental cost. A report revealed today by the Sunday Herald shows that RBS has provided nearly £13 billion worth of funding to the oil and gas industries since it was bailed out by the taxpayer two years ago.

The report is the first authoritative and detailed account of the bank’s controversial financing of the companies blamed for causing global warming. Among the 66 companies backed by RBS are well-known names such as BP, Shell, ConocoPhilips, Tullow Oil, Trafigura and Cairn Energy. The bank has helped them raise many hundreds of millions of pounds to finance oil exploration, extraction and development around the world.

The figures themselves are not in dispute. There is, however, bitter disagreement over what they mean. To the hundreds of climate protesters camped outside the RBS headquarters, the revelations prove that the bank is guilty of an unforgivable crime against the planet. But to the bank they just show that someone has to raise the money to extract the fuels on which we all depend before we can work out how to phase them out.

More at The Herald, Scotland



One Comment on "How RBS funds ‘dirty oil’"

  1. KenZ300 on Sun, 22nd Aug 2010 10:53 pm 

    If only these banks would fund clean energy projects.

    Wind, solar, geothermal and second generation biofuels projects need financing.

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