21st February 2024
Banks are key players in ensuring the flow of finance through global and national economies. As such they can influence which industries and companies receive funds and grow, and which do not. One of the greatest threats to life is the climate crisis which is primarily driven by emissions from fossil fuels. The International Energy Agency (IEA) has already told us that if we are to keep emissions and hence global warming at a tolerably safe level, we should not open up any new oil and gas projects. Yet this is precisely what the fossil fuel industry is doing, with funding secured by a – still – large number of banks.
Make My Money Matter has long been urging us to direct our money so that it supports action to tackle the climate crisis, rather than allowing it to fill the coffers of those who perpetuate the problem.
“The fossil fuel industry cannot exist without banks, yet our high street banks are continuing to pump money into them. So our message is simple – don’t bank on fossil fuel expansion. Banks must act and you can drive that change. ” https://makemymoneymatter.co.uk/
Another such platform advocating and enabling change is Switch it Green.
“Together, we will move £7 billion out of fossil fuel support this year; pressuring banks to phase out their climate-harming investments.
“We are harnessing the power of switching en masse. By switching alongside thousands of others – and maximising your switch with our ready-to-go lobbying features – your individual action is transformed into a collective call for change.” https://www.switchit.green/why-switch-it/article/how-do-banks-contribute-to-climate-change
And coming from a specifically Christian focus there is Just Money which provides information and leads campaigns on issues of money and justice.
“The money that we put into a bank helps it to do its work. A growing movement of Christians want to bank more ethically and campaign for a fairer, greener banking sector…Some banks are good news for people and planet. As Christians we can champion these, and support ethical alternatives, like credit unions.” https://justmoney.org.uk/
This Lent Just Money has a special campaign encouraging us all to switch to a green bank – https://justmoney.org.uk/the-big-bank-switch/
I am involved with Christian Climate Action and their campaign to highlight the harmful practices of Barclays Bank – the largest European funder of the fossil fuel industry (2016-2022) – and to encourage both individuals but also organisations and charities to switch to greener, more ethical banks.
Actions taken by CCA include regular vigils held outside local branches of Barclays. This is done by local CCA groups often in conjunction with other groups concerned about justice and the environment. See CCA’s event page for more details – https://christianclimateaction.org/events/
CCA has also written to and met with organisations – such as Christian Aid, Oxfam and The National Trust – and have held prayerful vigils outside their headquarters.
CCA is also liaising with those Church of England dioceses that bank with Barclays, and recently organised a workshop for diocese to share and explore how they can switch to a better bank. (For more information about CCA’s campaign with dioceses – https://christianclimateaction.org/2023/11/14/urging-church-to-drop-barclays/
Success is being achieved. Christian Aid, Greenbelt, Sheffield Cathedral and Oxfam have all undertaken to switch away from Barclays.
The Green Tau 