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Kate Blagojevic
Press Officer, World Development Movement
0207 820 4900/4913, 07711 875 345 Email: kate.blagojevic@wdm.org.uk.

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WDM condemns the link between public money and Cairn’s Arctic drilling. RBS underwrote loan to oil company one month before it acquired rig for arctic drilling.

* New report: Gambling by banks like Goldman Sachs increased food prices

* UK must 'back, not block' new banking reform in Europe, say campaigners

* Over 800 people have pledged to call the FSA to demand action to stop banks gambling on food

The US Senate is expected to approve a landmark bill on Wall Street reform later today, covering bank bonuses, financial transparency of complex derivatives, regulation of hedge funds and food markets. This legislation will send shockwaves across the global financial sector, but WDM fears that proposals for a similar EU crack down of the banks may not be backed the UK government.

David Cameron has announced today that his government will be the 'greenest government' ever. We welcome the sentiment but we are sceptical and said that ‘history will judge this government on its green credentials by its policies to cut the UK’s emissions dramatically and getting a fair international climate deal, not by turning off its lights at night.’

14 May 2010

David Cameron has announced today that his government will be the 'greenest government' ever. We welcome the sentiment but we are sceptical and said that ‘history will judge this government on its green credentials by its policies to cut the UK’s emissions dramatically and getting a fair international climate deal, not by turning off its lights at night.’

Deborah Doane, director of the World Development Movement said:

The World Development Movement reacted angrily to today's Royal Bank of Scotland's annual results and bonuses announcements.

WDM is campaigning for RBS to phase out its investments in mining companies like Vedanta and projects, like oil extraction from tar sands that are linked with controversial human rights violations. They are arguing that the bonuses awarded for investments that hurt the lives of ordinary people and the publically owned bank should be benefitting society in the UK and around the world.

A politically embarrassing stand off is developing as Bangladesh is currently resisting the UK's offer of £60 million of climate finance.

• Last November's £25 billion cash injection deemed 'unlawful' by campaigners
• Treasury's intervention in bankers' bonuses strengthens campaigners case

Three pressure groups today served the Treasury with their application to the High Court, challenging last November's decision to provide a further £25 billion of public money to the Royal Bank of Scotland.

Bankers resisting plans to cut bonuses and reform the sector at the World Economic Forum have inspired anti-poverty campaigners to renew demands for a financial transaction tax to reduce global inequality.