Press Release: RBS sustainability report shows deliberate manipulation of truth by the state-owned bank

 

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RBS sustainability report shows deliberate manipulation of truth by the state-owned bank

Tuesday 16th April 2013
Press Release

Commenting on an RBS sustainability report published last week (10th 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.

Yann Louvel, Climate and Energy Campaign Coordinator for the BankTrack network, adds : “RBS’ new policy on power generation is very deceptive and falls far behind international best practices. Other international banks have adopted more stringent standards than RBS, which has still a long way to go to become, as CEO Stephen Hester has put it, “a really good bank”.

Paul Daly concludes : “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

Further information and interviews
For media enquiries, please contact: Per Fischer, Press Office, Friends of the Earth Scotland
[email protected]
t: 0131 243 2719

About BankTrack

BankTrack is the global network of civil society organizations targeting the operations and investments of large, international operating commercial banks. Our mission is to promote fundamental changes in the way these banks operate so that they act at the service of society, preserve the ecological well-being of the planet and help offer a decent life free of poverty and repression for all people. As a prerequisite for this, banks must operate fully transparent and be accountable for their activities to all their stakeholders and to society at large.

About Friends of the Earth Scotland

Friends of the Earth Scotland exists to help people in Scotland look after the planet for everyone’s future. We think globally and act locally in Scotland, delivering solutions to climate change by enabling and empowering people to take both individual and collective action. We offer help to people with the big things in life – helping to sustain a healthy society and environment. We believe that all of our children’s futures will be better because of what we do.

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