Events | 2010.08.19
Activists set up Climate Camp at Royal Bank of Scotland headquarters
Around 100 campaigners descend on RBS offices in Edinburgh in protest at bank\'s investments in oil industry
Around 100 environmental activists have set up a "climate camp" at the headquarters of Royal Bank of Scotland on the outskirts of Edinburgh, in protest at its multi-billion pound investments in the oil industry.
The climate campaigners swooped on the bank\'s headquarters with lorries carrying supplies yesterday evening, a day earlier than expected, in an attempt to out-manoeuvre the police.
They said they have set up marquees, toilets and kitchens at the site in preparation for a day of action against RBS next Monday which could include Edinburgh festival events sponsored by the bank as well as coal and oil industry sites across central Scotland.
The camp organisers said they expect hundreds of protesters to arrive later today and over the weekend. The protesters, who are believed to have cut through the bank\'s perimeter fence, are on a grass area near the building, which is now surrounded by police and security staff. Police made two arrests last night, the BBC reported.
In a statement, one of the organisers, Ruth McTernan said: "It\'s been a dramatic start to what\'s going to be a week full of workshops, sustainable living and direct action against RBS\'s crimes against the climate.
"We\'re in a beautiful location here at Gogarburn, surrounded by the woods. People should come down, have a cup of tea and check out what\'s going on for themselves."
The bank has been targeted because of its investments in the oil and gas industries and mining: until the bank\'s collapse in 2008, it was one of the world\'s heaviest investors in the energy sector.
RBS is now 83% publicly owned, and since its bailout in late 2008, climate campaigners estimate it has underwritten loans worth $7.5bn to oil firms involved in controversial tar sands operations in the Canadian wilderness.
Friends of the Earth Scotland (FoES) earlier this week challenged RBS to switch its investments to greener energy sources, and pull out of fossil fuel investments, publishing a 14-point "people\'s charter".
Mary Church, a campaigner at FoES, said: "RBS is keen to highlight its sponsorship of important cultural events like the Edinburgh festival, but it\'s not so happy when the spotlight is shone on the damaging consequences of its investment portfolio.
"We are calling on RBS to stop funding climate trashing fossil fuel projects and prioritise lending to low-carbon companies, technologies and infrastructure, and communities."
Climate analysts say RBS has already significantly reduced its direct project funding of oil and mining projects since its bail-out by the taxpayer. In 2007, it considered directly financing around 50 oil and gas and mining projects; in 2009, it considered nine oil projects and none in mining.
The bank says its investments in renewable energy projects have often been greater than in hydrocarbons : it was the world\'s largest investor in green energy projects in 2006. It also supported the Copenhagen climate talks, and has pressed for a global deal to cap CO2 emissions.
It also insists it has made among the smallest direct investments in tar sands firms of any similar bank; the $7.5bn cited by protesters were general loans to major oil firms, and not to directly finance tar sands exploration.
In a statement, a bank spokeswoman said: "As a major international bank we provide support for businesses working across many industries and reflect the make-up of society and the economy.
"Just as society as a whole has to make a transition to renewable energy sources so will banks like RBS. In fact in recent years RBS has been one of the most active banks in the world in providing funding for renewable energy projects so we are at the forefront of helping finance the transition.
"While we understand the protesters\' intent and publicity tactic we clearly cannot agree with their decision to target RBS. We have offered to meet with the leaders of the protest, and although they have not accepted, this offer still stands. Our top priority is securing the safety of our staff and customers and we urge the protesters to make their point peacefully."
For more information, please visit
http://www.guardian.co.uk/environment/20[...]te-camp-royal-bank-of-scotland
