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RBS goes Arctic

This article was first published in Platform’s Carbon Web newsletter, issue 11. In mid-March 2009, after the most recent bailout, RBS financed exploration work in previously untouched regions of Greenland’s Arctic. Acting as joint bookrunner with Merrill Lynch on March 11, RBS placed shares worth £116 million for Cairn Energy, a Scottish oil company. Although...

The Oil and Gas Bank

The Royal Bank of Scotland has long ploughed money into fossil fuels – but now we own it, shouldn’t it stop? Kevin Smith looks at the campaign to get the bank to take responsibility for climate damage. First published at http://www.redpepper.org.uk/The-oil-and-gas-bank/ by Kevin Smith. One of the main causes of the current banking crisis has been the...

A green economy could be ours

The government should use its shareholder position in the newly recapitalised banks to push for proactive change from within – This article was first published at http://www.guardian.co.uk/commentisfree/2008/nov/21/banking-crisis.     In early November, representatives from 20 different organisations from around the world gathered in Spain as part of the BankTrack network to lay out a response to the banking...

Banks need to clean up their green act

Before they benefit from any kind of bail-out, banks should commit to reducing their investment in fossil fuels. – This article was originally published at http://www.guardian.co.uk/commentisfree/2008/oct/08/fossilfuels.banks.   On the same day as it became apparent that RBS would need billions of pounds of taxpayers’ money to save it from collapse, the government’s climate change watchdog warned that we should...
Cashing in on Coal - RBS, UK Banks and the Global Coal Industry

Cashing in on Coal – RBS, UK Banks and the Global Coal Industry

From concerns over air pollution and acid rain, to the recent rising awareness of carbon emissions and climate change, coal has been recognised as the dirtiest  and most inefficient fossil fuel option. Despite this, coal is experiencing a global boom, with corporations opening new mines and commissioning new power stations. High street banks are making...
The Oil & Gas Bank: RBS & the financing of climate change

The Oil & Gas Bank: RBS & the financing of climate change

The Royal Bank of Scotland is covering up involvement in carbon emissions greater than those of the whole country of Scotland. PLATFORM's report “The Oil & Gas Bank”reveals the extent to which RBS-NatWest is providing the financial fuel driving climate change. RBS is more "oil" than "royal", as the bank financing oil & gas extraction....

The oil and gas bank

A recent report from PLATFORM uncovers the climate impacts of the Royal Bank of Scotland’s identity as “The Oil & Gas Bank” – This feature article was first published in Platform’s Carbon Web Newsletter, Issue 7. The report ‘The Oil & Gas Bank – RBS & the Financing of Climate Change’ investigates RBS-NatWest’s role in fuelling climate change,...

RBS-NatWest – forcing open the carbon frontier

The Royal Bank of Scotland is intimately involved in controversial oil projects from Africa to the Arctic, according to new research published today, Monday 12 March 2007.[1] As the government prepares to publish its draft Climate Change Bill, the report “The Oil & Gas Bank” reveals the extent to which RBS-NatWest is providing the financial...

Shell’s greed punished in Sakhalin

This analysis report was first published in Platform’s Carbon Web Newsletter, Issue 6. After months of haggling over the Sakhalin II gas project, differences between Shell and the Russian government have been resolved through a change in project ownership. The Russian state gas company Gazprom will become the majority shareholder, while Shell, Mitsubishi and Mitsui...

The true cost of big bank’s bucks

PLATFORM investigates the role of RBS in financing oil and gas projects around the world – This report was first published in Platform’s carbon web newsletter, issue 4. February saw Britain’s private banks including Royal Bank of Scotland (RBS), HSBC and Barclays post record profits. Revenues were boosted by the high oil price and the...
Sakhalin II gas and oil project: Further Breaches of Equator Principles May 2004 – March 2005

Sakhalin II gas and oil project: Further Breaches of Equator Principles May 2004 – March 2005

In May 2004, 39 civil society groups, from 15 countries, warned commercial banks of extensive violations of the Equator Principles by the Shell-led Sakhalin II project. This update from 2005 finds that events over the past ten months show a deteriorating situation, constituting further violations.
Principal Objections: Analysis of Sakhalin II gas & oil project’s compliance with the Equator Principles

Principal Objections: Analysis of Sakhalin II gas & oil project’s compliance with the Equator Principles

Shell's Sakhalin II integrated oil and gas project fails to comply with the Equator Principles on responsible lending. The project on Sakhalin Island in Russia’s Far East will have severe environmental impacts, including threatening the critically endangered Western Gray Whale with extinction, damaging habitats of endangered bird and fish species, and polluting important fisheries.