13th October 2023
“Money makes the world go round” goes the saying. But where does that money come from? National and international banks, the World Bank, the investment arms of pension and insurance companies – all looking for a healthy financial return. Choosing where to invest, gives these organisations a highly influential role in shaping the world. If they invest in airlines, then airplanes are built. If they invest in oil, then oil wells are dug. If they invest in wheat and palm oil, then wheat and oil palms are grown – clearing away rainforest if that is in the way.
But surely they could alternatively invest in wind turbines? Or solar panels? Or railways? Or indigenous crops? Or public health schemes? Or education systems?
Who decides? Could it be us?
Currently there are various campaigns encouraging us as individuals to choose banks/ pension funds/ insurance policies that work in favour of, rather than against, the environment.
It could also be us if we choose to press the bigger players – big banks, the insurance companies, national charities, churches and dioceses – to similarly opt for financial arrangements that benefit the environment and transition away from fossil fuels. Christian Aid earlier this year announced its decision to drop Barclays as its bank, whilst many National Trust members still object to the Trust’s continued use of Barclays.
Faith for the Climate has been pressing Lloyds of London to end their insurance of fossil fuel projects. XR and CCA continue to campaign against Barclays – Europe’s largest fossil fuel investing bank.
There are also campaigns to persuade sporting and art event organise against accepting sponsorship from environmentally unfriendly investors – eg opposing Barclays’ sponsorship of Wimbledon.
The Green Tau 