The Oil & Gas Bank: RBS & the financing of climate change
The Royal Bank of Scotland is the primary UK bank financing new extraction of the fossil fuels whose use is accelerating the planet’s atmosphere towards its climatic tipping point. Despite creating a public image as a “good neighbour” through sponsorship of sports and the arts, RBS business activities have major destructive impacts on the environment and society. This report explores the close relationship RBS has with the petroleum industry and places this in context with the current threat of climate change.
Publicly identifying itself as “The Oil & Gas Bank” since 2000, RBS provides oil corporations with the cash to build and operate drilling rigs, pipelines and oil tankers. While all major banks are involved in financing the oil and gas industry to some extent, RBS has promoted its services more aggressively than most. Other banks describe RBS as the most competitive bank in both project finance and oil & gas.