# Royal Bank Scotland Announces No More Coal Power or Mining

- Link: https://greenlivingguy.com/2018/05/royal-bank-scotland-announces-no-more-coal-power-or-mining/
- Published: 2018-05-29T22:19:22-04:00
- Author: greenlivingguy

## Royal Bank of Scotland Announces New Policy Ahead of Tomorrow’s Shareholder Meeting

Statement from [Rainforest Action Network](http://www.ran.org) Executive Director,
Lindsey Allen:

“Today’s announcement comes as a result of groups like us pressuring banks to de-
fund fossil fuels and deforestation. This policy is only half a step forward because
it leaves loopholes in place.”

### **More Background:**

Hence, ahead of its annual shareholder meeting tomorrow things have changed.  It
seems that the Royal Bank of [Scotland](https://greenlivingguy.com/2019/11/green-living-guy-interviewed-by-green-energy-scotland/)(
RBS) announced new policy measures on financing. These includes mining, power, oil
and gas, and land use. RBS will no longer lend to coal power and mining projects,
Arctic oil projects, and tar sands exploration and extraction projects. Additionally,
the bank will not lend to companies where over 40% of their revenue comes from coal
mining. Or where over 40% of their electricity [generated](https://greenlivingguy.com/2016/04/tar-sands-energy-refining-processes-explained/)
is from coal. On land use, the bank will no longer provide project-specific finance
to “unsustainable vegetation or [peatland](https://greenlivingguy.com/2021/01/climate-change-impacting-co2-has-peatland-exchange-primarily-via-moisture-conditions/)
clearance projects.

Although, RBS’s new policy does not restrict financing for tar sands or other pipelines.
It’s policy on land use fails to sufficiently protect tropical forests and peatlands.
These are critical for climate mitigation and global biodiversity. Furthermore, 
the policy’s narrow focus on direct lending for [projects leaves room for the bank](https://greenlivingguy.com/2014/03/adb-banks-geothermal-project-in-north-sumatra/).
The bank can finance the companies behind many of these projects. As well, those
supporting the many projects in these subsectors that are built without project-
specific financing.

RBS’ financing for the biggest extreme fossil fuel companies and projects has decreased
sharply over the last three years.  It’s down to zero in since 2017.  That’s a trend
that they hope will continue in the spirit of RBS’s new policy measures. Overall,
RBS joins a growing group of European banks that have recently made moves to restrict
financing.  Yes restrictions for oil sands, Arctic oil, and/or coal, as the unjustifiable
climate, environmental, and Indigenous rights impacts of these sectors make them
increasingly unbankable.

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 greenlivingguy

 The Green Living Guy, Seth Leitman is an independent power producer, a green living
expert, and Editor of the McGraw-Hill, TAB Green Guru Guides. Seth is also an Author,
Radio Host, Reporter, Writer and an Environmental Consultant on green living. The
Green Living Guy writes about green living, green lighting, the green guru guides
and more. Seth's books range from: # Build Your Own Electric Vehicle by Bob Brant
and Seth Leitman (2nd and 3rd editions) # Build Your Own Plug-in Hybrid Electric
Vehicle by Seth Leitman # Build Your Own Electric Motorcycle by Carl Vogel # Green
Lighting by Seth Leitman, Brian Clark Howard and Bill Brinsky # Solar Power For 
Your Home by David Findley # Renewable Energies For Your Home by Russel Gehrke #
Do-it-Yourself Home Energy Audits by David Findley # Build Your Own Small Wind Power
System by Brian Clark Howard and Kevin Shea # and more green living books to follow.

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