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.”

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