RBS ends investment in tar sands!

A Guardian investigation revealed on Sunday that the Royal Bank of Scotland, one of the world’s largest banks, has hugely reduced its investments in fossil fuels, including all finance for the deeply damaging tar sands in Canada.

This is largely due to a major shift in the publicly-owned bank away from global investments and towards UK businesses. The low price of oil also make expensive sources like the tar sands unattractive.

Nonetheless campaigners in Scotland have been calling for RBS to quit fossil fuels for nine years (see us in 2011, above). Perhaps they finally got the the message?

Whilst RBS still invests more in fossil fuels than renewables, a move like this from such a major financier should encourage investors to clean up their act.

In March their Chief Investment Officer said that “divestment was a complete waste of time”. He might want to ask his own staff about what they’re up to…