RBS is accused of sponsoring global warming

18 03 2007

070325_rbs-oil-warm.gifTHE ROYAL Bank of Scotland (RBS) is being threatened with a student boycott over its multi-billion-pound investments in climate-wrecking oil and gas projects around the world. The threat comes in the wake of a new report attacking RBS’s record on funding polluting pipelines and production plants. The bank has been accused of going on a « destructive binge with potentially devastating consequences for the planet ». In response, RBS has tried to discredit the report and suggested that there was still scientific debate about the causes of climate change. Its chief economist, Andrew McLaughlin, has agreed to meet the report’s authors this month.RBS is one of Scotland’s most successful companies, a global brand recognised by millions. Two weeks ago it announced record profits of more than £9 billion. But it has angered environmentalists because it has large investments in oil and gas projects which emit carbon dioxide, one of the main causes of global warming. RBS has been marketing itself as « the oil and gas bank ». The report by London environmental research group Platform says that, since 2001, RBS has provided over £5bn in oil and gas loans and helped in over £15bn worth of related projects. Image source: newspundit.netNews selected by Covalence | Country: United Kingdom | Company: Royal Bank of Scotland | Source: Sunday Herald