RBS clearly rattled by campaigners, doors opened for dialogue

Campaign groups met with RBS executives including Sir Philip Hampton, RBS Group Chairman, as part of the Ditch Dirty Development campaign to challenge RBS’ investments in controversial projects such as tar sands.

The meeting fell in the middle of our week of action to clean up RBS, including an alternative public AGM alongside RBS’ closed-door AGM yesterday. This meeting represented a significant concession on the part of RBS which has previously resisted our’ requests for high level meetings.

People & Planet, along with partners PLATFORM and World Development Movement, has been putting pressure on RBS to publicly commit to stop financing companies that are exacerbating climate change or developing projects without the free, prior and informed consent of indigenous communities.

Eriel Deranger, an indigenous Canadian activist with the Rainforest Action Network, said:

“I was shocked to hear the Chairman state that RBS involvements in tar sands were seen to be so minute, that they hardly knew what the tar sands actually are. Eight billion dollars loaned to companies involved in tar sands extraction is hardly minute. Our local communities are feeling the devastating impacts of tar sands each and every day.”

Speaking after the meeting, P&P’s Director, Ian Leggett, said:

“RBS still has its head in the sand about its role as the UK bank that is the principal backer of fossil fuels exploitation. There are no signs that they are willing to commit to phase out their financing of tar sands, coal or other dirty fuels. It is exactly the same sort of behaviour - high risk, irresponsible investments offering a quick profit to boost bonuses - that led to the financial crisis. If RBS is serious about wanting to be a world leader in low carbon financing, it urgently needs to take some clear decisions to put words into practice.

Deborah Doane, Director of the World Development Movement, said:

“We welcome RBS’ commitment to take our issues to board level discussion; however talk alone is not enough. We remain sceptical that this will lead to changes in RBS’ practises relating to lending in projects such as tar sands or Vedanta. The Chair explicitly denied any significant responsibility on the part of individual banks towards the harmful impacts of such investments. Nonetheless, we hope the board collectively will take a different view.”

The campaign groups involved made it very clear that they will continue the campaign to ensure that RBS is not using taxpayers’ money to continue to trample on the environment and human rights.