No New Coal: New RBS video action
We've got a brand-spanking new video packed with RBS-NatWest's coal finance and the actions people are taking to stop it. Watch the VIDEO and take ACTION now: Nature doesn't do bailouts!
Tell Stephen Hester, RBS-NatWest’s new cheif exec, and the UK government to stop financing climate chaos with the new Ditch Dirty Development online action. The more emails they get the bigger the pressure on them.
At the centre of our video is the cracking human banner action from Shared Planet 2008. The No New Coal message was sent out loud and clear to RBS-NatWest by P&Pers at the event. Everyone who took part made this possible - it was a valiant effort, braving the cold and snow. Nice one!
Why target RBS-NatWest?
Human banner at Shared Planet
The Royal Bank of Scotland has invested larger sums in the coal industry than any other UK high street bank. Over the past two years they have participated in 27 different loans to companies involved in coal mining and coal power, investing an estimated $16 billion. This includes financing E.On, who are the power company planning to build Kingsnorth coal power station. If built, this would be the first new coal fired power station in the UK for 30 years. Coal is the dirtiest fossil fuel, emitting more CO2 per unit energy than any other. If we continue to extract and burn coal, we have little hope of stopping the worst impacts of climate change.
But we now own RBS-NatWest. The government are using taxpayers money to bail out RBS-NatWest. They now own 57.5% of the bank. Let’s demand it’s spent as we want, and not to extract tar sands, burn coal and fuel climate chaos.
We’ve got a slim window of opportunity before the government’s ‘business as usual’ approach becomes set in stone as an acceptable status quo. The government has established the UK Financial Investments Limited (UKFI) as the body to ‘manage’ taxpayers’ investments. Alaister Darling, chancellor of the exchqeuer has announced, however, that this ‘management’ is to be ‘at arms length’. This seems to be shunning the hands-on regulation of banks we so clearly need if we are to manage, financially, the difficult transition from the fossil fuel economy to sustainable solutions to climate change. Climate chaos is not big enough on Darling’s agenda. The UKFI’s
overarching objectives will be to protect and create value for the taxpayer as shareholder, with due regard to financial stability and acting in a way that promotes competition.
When ‘creating value’ out of one of the most climatically damaging banks, the climatic and environmental impact of this value creation must be considered. In fact, much more than just considered. These dirty investments must cease. And the government, supposidely acting in the interests (and with the money) of taxpayers, must pressure RBS-NatWest to do so.
