14 Jun '11, 9am

Barclays, HSBC and RBS linked to 'dirty financing' for fossil fuels

Barclays, HSBC and RBS linked to 'dirty financing' for fossil fuels

Barclays, HSBC and the Royal Bank of Scotland (RBS) are three of the largest banks in the UK, with a combined £200 billion in capital and serving almost 190 million customers worldwide. They have also been heavily criticised for their involvement in some of the most ecologically damaging energy projects around the world in the past decade. Energy companies are some of the most profitable companies in the world and are thus a reliable and attractive target for bank loans. Their energy projects – which range from tar sands in Canada to hydroelectric dams in Chilean Patagonia – rely on banks for loans and credit facilities. When it comes to financial involvement, it has become difficult to track the specifics of a bank’s monetary investment. Banks used to direct loans to support to specific projects says Mel Evans, from the campaign group PLATFORM. However, since the 2008 fin...

Full article: http://www.theecologist.org/News/news_analysis/935711/bar...

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