The Oil Bank of Scotland « Mining Blog

The Oil Bank of Scotland

29. September 2011,

On 27 November, a ‘girl band’ of environmental activists dressed as ‘oily bankers’ protested outside the Royal Bank of Scotland (RBS)- sponsored “Scottish Low Carbon Investment Conference”.

According to a press release from Friends of the Earth Scotland: “The ‘girl band’ sang a well-known chart song with lyrics altered to tell the story of RBS’s ‘oily investments’, which finance companies involved in some of the world’s most environmentally destructive activities, including oil and gas exploration, the development of new coal plants and the mining of tar sands in Canada, described as the most destructive industrial project on Earth”.

FOE_Scotland stated that, since the banking crisis in 2008, Scotland’s leading investment bank (owned 83% by British taxpayers) had “received more than £345 billion in bail out money from the UK Government – the equivalent of £3,736 from every
man, woman and child in the UK.”

However, “…the taxpayer has no say in the type of investments that RBS makes, and the company continues to invest in projects and businesses that are fuelling climate change and causing environmental destruction and human rights abuses.

“While Friends of the Earth Scotland welcomes support for low carbon
investments, the organisation questions the integrity of RBS’s involvement in the Scottish Low Carbon Investment Conference. As the UK bank most heavily involved in financing the fossil fuel industry, RBS’s activities totally undermine the transition to a low carbon future”.

For more on RBSA, see:

Aptly, FOE Sctland has renamed RBS “The ‘Oil Bank of Scotland’

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