Students call for RBS to cut its 'unethical' investment

EDINBURGH University Students' Association this week passed a motion to lobby Royal Bank of Scotland about what is describes as "aggressive" investment in "unethical" areas, such as oil and gas extraction.

This was passed at the university's annual general meeting (AGM) on Wednesday, attended by almost 400 students.

It wants the university president to use the institute's "substantial investment" of 9.2 million in RBS to call on the bank to stop funding the extraction of fossil fuels and increase support for renewable technologies. Unless RBS has stopped financing new fossil fuel exploration and extraction by the Association's 2009 AGM, it would like the university to sell its shares in the bank.

A RBS spokesman said: "It is somewhat surprising that the Student's Association should take this stance. If they were to look carefully at our record in this field, they would have noticed that we are already the lead arranger of renewables financing in the world, more than 2 billion last year, and committed to working with our customers to assist in the long term transition to a low carbon economy.

"In terms of oil and gas, the bulk of our funding is within Scotland and the rest of the UK, where the energy sector supports more than 330,000 jobs."

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