officeronline.co.uk

Well, not a lot has happened. We wrote to Royal Bank of Scotland, they didn’t reply. Maybe it got lost in the Christmas post, maybe they are too busy to reply. In any case, I've written to them again.

For those who don’t know, NUS banks with NatWest, owned by the Royal Bank of Scotland.

In the past Royal Bank of Scotland has promoted itself as ‘The Oil and Gas Bank,’ supporting initiatives around the world which have a considerable negative impact upon the environment. This doesn’t resonate with our principles.

It is important that for a new NUS, and the cultural change that we need to achieve, that we are working with all student organisations, demanding change, ensuring that we are all working towards improving the lives of students. We are working closely with People and Planet on this issue and I hope we can work together more closely in the future.

Sir Tom McKillop
Chairman
Royal Bank of Scotland

22 January 2008

Dear Sir Tom,

I wrote to you on 14 December 2007 (copy of letter enclosed) about my concerns over the RBS private funding of oil and gas extraction and exploration.

I have yet to receive any sort of reply.

As noted in my previous letter, I am ensuring the process of engagement is as transparent as possible, specifically publishing the letters on the website for students’ unions (www.officeronline.co.uk) and the resolution to our Annual Conference in April and on our website for students (www.nusonline.co.uk).

Having become aware that RBS between 2001 and 2006 provided over $10 billion in loans to oil and gas projects, and that the embedded carbon emissions resulting from these projects in 2006 were greater than the carbon emissions for the whole of Scotland we feel that it may be appropriate for us to seek alternative, more ethical banking options.

We wrote to our relationship manager on the 17 January informing him that we were beginning to review our banking arrangements.

As requested in my previous letter, before we make that decision we would ask you:

Calculate and publish the embedded emissions resulting from loans to oil and gas projects
Cap embedded emissions and set annual targets for reductions
Commit to a complete transition from fossil fuel to renewable energy lending
Establish ‘no-go’ areas for lending; immediately halt loans to unconventional fossil fuels (eg coal and tar sands) which affect sensitive ecosystems such as rainforests.

It was with some interest that I noted on RBS’ website your evasion of committing the Bank to an ethical agenda which extended beyond legal compliance or vague commitments to UN initiatives. My members want NUS to bank with a provider who has a level of social consciousness, and is willing to challenge society to improve, making financial sacrifices to strengthen the world around us. ‘RBS expects suppliers to…’ does not go far enough. I would also ask for a comment on this.

As an organisation with a balance sheet approaching £17million and a reputation within a part of society banks are so keen to engage with, I would hope that a reply is forthcoming.

Many thanks,

Dave Lewis
National Treasurer

The Blogs on this site represent the individual views of their authors and do not necessarily reflect the policies or practices of the National Union of Students.

The permanent URL for this specific blog entry is: http://www.officeronline.co.uk/blogs/davelewis/275092.aspx