Campaigners celebrated a momentous announcement yesterday, when RBS revealed that it has ditched a whopping 70% of its fossil fuel investments in the last year alone, whilst doubling funding for renewable energy, to £1 billion. RBS claims that this makes it ‘the largest lender to the UK renewable energy sector’.
This is quite some turnaround from the bank formerly known as ‘the oil and gas bank’, which was found to be the fourth most invested UK bank in fossil fuels in our Divest! campaign, with £14.4 billion in fossil fuel extraction in 2012 alone. For many campaigners who have worked tirelessly to get RBS out of fossil fuels, such as Global Justice Now, Friends of the Earth Scotland, the Robin Hood Tax, People & Planet, Fossil Free UK, Platform and so many others, this was a moment to celebrate.