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Government faces environmental legal challenge over RBS

Jul 1

Written by:
01/07/2009 14:07  RssIcon

Campaign groups yesterday launched a legal action over RBS investments in climate chaos, using tax payers' money.

The World Development Movement, PLATFORM and People & Planet yesterday launched legal action against the Treasury for allowing public money, poured into the Royal Bank of Scotland to be invested in energy companies and projects linked to climate change and human rights violations.

Since RBS was bailed out in October 2008, it has contributed to loans worth an estimated £10 billion in coal, oil and gas companies. Coal is the biggest source of carbon emissions globally, which contributes to dangerous climate change. The campaigners believe that by investing in RBS, the Treasury is in direct conflict with the government's legislation and policies to reduce carbon emissions and prevent dangerous climate change.


RBS has also been targeted by Ethical Consumer in our new Stop the Tar Sands boycott campaign.

Julian Oram, from the World Development Movement said:

"The government has spent billions on a bank with a track record of financing energy companies' dirty and destructive projects. We're launching this action because the Treasury has displayed a blatant disregard to the government’s own commitments to tackling climate change, and its rules for spending public money. The taxpayers’ interests would be vastly better served by RBS investing in a low carbon future than in undemocratic regimes and environmentally devastating projects around the world."

Kevin Smith, from PLATFORM said:

"The government can't pretend to be a global leader on dealing with climate change while at the same time refusing to rein in a public body that is financing new coal, oil and gas projects all over the world."


2 comment(s) so far...

Re: Government faces environmental legal challenge over RBS

Actions speak louder than words!

By Jon Beresford on   13/07/2009 20:35

Re: Government faces environmental legal challenge over RBS

The Government announced today steep cuts in the the legal aid budget (which totals £2bn). When it comes to bailing out the banks so they can lend to companies literally destroying the world the Government is perfectly able to magic up billions upon billions out of thin air - literally creating money. When it comes to maintaining access to justice for those who cannot afford to pay suddenly there's "not enough" money. Of course to suggest you could print money for the legal aid budget would be laughed out of the door - what simple-minded madness, don't you know printing money causes inflation! Rarely can I think of a more direct example of one law for the rich and one law for the poor.

By Skipjack on   30/07/2009 15:37


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