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Article

16 Nov 2009

Author:
Ed Crooks, Financial Times

Canadian protest over RBS oil sands role

Royal Bank of Scotland and the [UK] government...will be targeted by protests this week from Canadian aboriginal groups aiming to stop RBS lending to companies that invest in oil sands extraction in western Canada. A meeting in Parliament on Tuesday with representatives of the First Nations...will highlight calculations by campaigners that since the start of 2007, RBS has extended $13.9bn (£8.3bn) in loan guarantees or debt and equity underwriting to companies linked to oil sands…[including] Royal Dutch Shell, and...BP... The First Nations argue that their rights to hunt and fish...have been breached by the pollution created by the oil projects... Opponents of oil sands development argue that...they are a particularly serious contribution to the problem of climate change... RBS responded that it “recognises the reality of climate change and fully supports the transition towards a low carbon economy”...