Greening RBS

Posted on

FT.com / UK / Politics & policy - Green groups to sue over RBS investments.

Environmental groups on Monday night launched what could be a landmark lawsuit against the Treasury to force it to ensure that taxpayers’ money invested in the Royal Bank of Scotland supports only projects that satisfy minimum green and human rights standards.

Three groups of environmentalists — the World Development Movement, Platform and People & Planet — are behind the case, which has been lodged at the High Court.

They claim the Treasury has breached its own policy to tackle climate change and reduce carbon emissions by using public funds to bail out RBS, which once marketed itself as “the oil and gas bank” and has long been one of the top lenders to the energy industry.

The three groups are now seeking to force the government to assess RBS’s lending portfolio to ensure that the embattled bank is investing only in projects that promote “a sustainable and ethical future”.

Which is what we all need.

I wish them good luck.