All the money RBS invests in new unconventional fossil fuels is money diverted from funding the only real, sustainable replacement for oil – renewables. By keeping us addicted to oil and delaying the inevitable switch to renewables RBS is harming us all and should be held accountable for that.

When big business, like M&S, is increasingly embracing the ethical pound, the high-street banks are once again in danger of lagging behind their commercial contemporaries. And they can ill-afford to. Large and small companies alike, including sustainable banks like Triodos, have proved that environmental considerations can make for good business. Providing much more transparency about how they are investing their money (we send our depositors a list of all the organisations we lend to) will only be a good thing for customers who are increasingly reluctant to accept anything less.

It’s publicly accepted that banks bear some moral responsibility for projects they finance. That’s why its not OK to give loans to illegal drugs or cluster bombs.

Our calculations are based on the idea that RBS is responsible for emissions corresponding to the proportion to the project it financed. Not for the entire project or company’s emissions, despite McKillop’s distortion.
Common sense to the world, deeply flawed to RBS’ Chair. Somebody’s sticking his head in the ground.