Finance News: Green group slams RBS for supporting BP pipeline project

Friends of the Earth has accused the Royal Bank of Scotland of ignoring its own social and environmental policies by continuing to finance a controversial new BP pipeline.

The environmental group has criticised RBS for its backing of the petroleum giant’s new Baku-Tbilisi-Ceyhan pipeline, which will run from Azerbaijan to the Turkish Mediterranean coast.

BP has attracted widespread criticism for its failure to obtain the necessary environmental certification to proceed with building the pipeline, which pressure groups believe will pose a serious ecological threat to the protected Borjomi national park in Georgia.

Friends of the Earth points to last week’s announcement by the bank of a 12.5 per cent rise in profits to £3.85bn a year as proof that the bank is putting profits before people and the environment.

“While RBS’s profits are soaring, it is failing to live up to agreed promises on social and environmental policies,” said Dan Barlow, head of research at Friends of the Earth.

“RBS must start cleaning up its act. It could start by ending its support for environmentally and socially destructive oil pipelines.”

Have you registered with us yet?

Register now to enjoy more articles and free email bulletins

Register
Already registered?
Sign in

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus
Follow us on:
  • Facebook
  • LinkedIn
  • Twitter
  • Google +

Latest Jobs

RSS Feed

Third Sector Insight

Sponsored webcasts, surveys and expert reports from Third Sector partners

Markel

Expert Hub

Insurance advice from Markel

Digital fundraising tips and tricks

Digital fundraising tips and tricks

Partner Content: Presented By Markel

Third Sector Logo

Get our bulletins. Read more articles. Join a growing community of Third Sector professionals

Register now