Evidence for the involvement of UK banks in promoting climate change:
NB The 2014 UN IPCC Summary Report for Policy Makers states that ‘substantial reductions in emissions would require large changes in investment patterns’ (p29)
Carbon Capital, World Development Movement, 2013:
‘The UK’s three main high-street banks are amongst the world’s leading coal funders. Between 2005 and 2011, Barclays’ coal financing was worth at least £9.6 billion, compared to £9.2 billion for taxpayer-owned Royal Bank of Scotland (RBS), and £3.7 billion for HSBC, according to a study by Banktrack’.
‘RBS underwrote fossil-fuel bond and share issues valued at £36bn in 2010 – 2012, HSBC £75bn, and Barclays £41bn, not including money lent to dirty energy companies as corporate loans or project finance.’ (p10)
RBS is ranked as the 8th biggest funder for coal mining in the world (first in the UK) from all the researched banks 2005- mid 2013. Barclays is in 12th place.
WDM (2013) states that RBS ANNUAL INVESTMENTS IN FOSSIL FUELS ARE EQUIVALENT TO 1.6 TIMES THE ANNUAL TOTAL OF UK CO2 EMISSIONS!
‘The British government could set an example by forcing through cleaner lending policies at the bailed-out banks such as RBS and Lloyds TSB. RBS is now 82 percent owned by the UK public, and yet it continues to be a major bankroller of dirty energy.’ (p15)
‘Naomi Klein’s comment couldn’t be more blunt: “With the fossil-fuel industry, wrecking the planet is their business model”.’ (p15)
Grandparents for a Safe Earth want the UK government to join us in telling UK Banks to stop gambling with our grandchildren’s lives and to invest instead in the research and development of Energy Efficiency and Renewable Energies.