RBS sustainability report shows deliberate manipulation of truth by the state-owned bank
Commenting on an RBS sustainability report published today (10 April 2013), Paul Daly, Corporate Accountability Campaigner, Friends of the Earth Scotland, said:
“One third of RBS energy lending still goes to climate-trashing projects. The report looks solely at project funding, which excludes loans to companies involved in tar sands, or corporations who get coal by blasting the tops off of mountains; decimating landscapes and releasing toxins that poison water and reportedly impact on human health.
“RBS claims this report moves towards better transparency. To achieve this RBS need to start accounting for their investment in climate trashing corporations as well as projects. Sir Philip Hampton recently reported to the Guardian that RBS has not funded tar sand projects in over four years – however today’s report declares they still fund corporations who undertake these operations. This is a not lack of transparency, this is deliberate manipulation of fact.
“The problem with RBS’s funding is that it still puts profit before people and planet – this is the mindset which historically got the bank into trouble. For RBS good investment doesn’t equate with good environmental practice – that is not what we need from our state-owned bank.
“We call on RBS to dump its toxic debtors – sending out a strong message to the world that we are committed to renewable energy, not scraping the bottom of the fossil fuel barrel regardless of environmental or human cost.”
ENDS
For media enquiries, please contact: Per Fischer, Press Office, Friends of the Earth Scotland
t: 0131 243 2719
Notes to Editors
1. RBS’s financing of the energy sector (PDF report)
www.rbs.com/content/dam/rbs/Documents/Sustainability/2012-energy-financing-report.pdf
2. RBS sustainability report 2012 (PDF report)
www.rbs.com/content/dam/rbs/Documents/Sustainability/2012-rbs-sustainability-report.pdf
3. Sir Philip Hampton, the chairman of RBS, Q&A in the Guardian
m.guardian.co.uk/business/2013/feb/06/libor-scandal-rbs-your-questions
4. Friends of the Earth Scotland is * Scotland’s leading environmental campaigning organisation * An independent Scottish charity with a network of thousands of supporters and active local groups across Scotland * Part of the largest grassroots environmental network in the world, uniting over 2 million supporters, 77 national member groups, and some 5,000 local activist groups – covering every continent. www.foe-scotland.org.uk