RBS-NatWest is more "oil" than "royal", as the bank financing oil & gas extraction. Using customers’ cash as financial fuel to drive oil rig and pipeline construction, RBS is accelerating climate chaos and fossil fuel addiction.
Calling itself "the oil & gas bank", RBS is helping force open the carbon frontier, financing controversial projects in Nigeria, the Caucasus and Wales. Its involvement in Angolan and Azeri oil fields encourages corruption and conflict, while gas projects from the Arabian Gulf to the Gulf of Mexico threaten environmental destruction. The bank sees unconventional fuels such as tar sands - even more polluting than oil - as a key growth area.
The Royal Bank of Scotland, which owns NatWest, Direct Line and Churchill, is covering up involvement in carbon emissions greater than those of the whole country of Scotland. Funding extraction projects that will run for 30 years, the bank is locking enormous emissions into our future.
Unlike other British banks, RBS claims it has no responsibility for the climate impacts of its lending to fossil fuels - while trying to claim credit for loans to renewables. Claims to corporate responsibility are full of greenwash.
With global assets of over $1120bn, RBS is determining our energy future.
For further background, read the report "The Oil & Gas Bank - RBS & the financing of climate change" |
