Stop Funding Climate Change

Quick Info:

  • If you’re in the UK and not banking with either the Cooperative Bank, Nationwide or Triodos, then it’s likely your bank is investing in something heinous.
  • Go to Bank.Green to find out what your bank is doing.
  • It’s REALLY easy to switch banks these days – they all have a switching service.
  • Switch to a kinder bank and tell your old bank why.

Dig Deeper:
Your money matters!! It really does. Your bank or your savings might currently be funding fossil fuel investments including drilling in the Arctic, oil pipelines through indigenous lands, or oil and gas exploration. It’s important to find out what your money is funding and make sure it’s working for you to create a better future.

Since the Paris Agreement in 2016, investment by UK banks in fossil fuels has increased by 40%.  Check out what your bank is doing below:

    • Barclays: By far the worst offender investing $144.90 billion in fossil fuels since 2016 and rank 7th globally and the 1st in Europe for fossil fuel investments. Projects include the Line 3 pipeline proposal to transport oil from tar sands in Canada through indigenous treaty territories and pristine wetlands in Wisconsin. The project proposal includes the abandonment of the old pipeline with no plan to clean up the mess. Barclays is the 7th biggest financer of Arctic oil and gas exploration as well as funding exploration in the Barents Sea. They are also funding fracking projects in Argentinian Patagonia – a project strongly opposed by Mapuche indiginous communities.
    • HSBC: Another of the worst offenders. HSBC says they are ‘committed to a Net Zero future’ while financing fossil fuel projects totalling $110.74 billion since 2016 and emitting more Carbon Dioxide than Canada, Brazil or the UK. Deals made by the bank in the past five years will release 523 million tonnes of carbon dioxide each year. They are currently financing Arctic drilling projects, rank 5th globally for financing offshore oil and gas exploration and also finance fracking projects in Argentinian Patagonia.
    • Santander: Since 2016, Santander has continued to invest in fossil fuels to the tune of $34.04 billion including financing Arctic Drilling projects and offshore oil and gas exploration. Santander also is a key financer of PGE Polska Grupa Energetyczna, power generation company who are 96% reliant on fossil fuels and own Europe’s single biggest CO2 emitter: the Belchatów power plant.
    • Lloyds (including Bank of Scotland): Investments by Lloyds in fossil fuels totalled $11.98 billion between 2016 and 2020 and since 2019 they have increased their fossil fuel investments. Lloyds is involved in projects such as tar sands and coal mines, including the Adani Carmichael coal mega-mine in Australia. Although Lloyds appears to have a coal exclusion policy for its investments, this only applies to its Central Fund, which makes up just 3% of its entire investment portfolio. Lloyds has helped to insure some of the most polluting fossil fuels possible – tar sands and shale gas – even when many other insurers have refused.
    • Standard Chartered: Invested $31.42 billion in fossil fuel projects since 2016 and provided key finance for the Mozambique LNG project via a $500 million loan to extract natural gas off the country’s coast. Standard Chartered are also funding the Trans Adriatic Pipeline (TAP) project to export natural gas  from the Shah Deniz II field in the Caspian Sea to western markets.
    • NatWest (includes Royal Bank of Scotland): Invested $13.39 billion in fossil fuel projects between 2016 and 2020 and increased fossil fuel funding between 2019 and 2020. NatWest are financing fossil fuel exploration in the Arctic backing developers to the tune of $539 million. NatWest is funding the Trans Mountain Pipeline Expansion project in Canada. The pipeline is expected to almost triple the capacity taking an additional 590,000 barrels of crude oil from the Alberta tar sands each day to the Burnaby refinery on Vancouver Harbour. The NatWest Group also finances the Cerrejón coal mine in Colombia, one of the largest in the world. Its expansion since 1976 has led to the destruction of whole villages populated by local indigenous and Afro-Colombian people. The extracted coal is almost exclusively for export to rich countries with local people seeing few benefits.

Find out your bank’s track record at: Bank Green.
Want to dig deeper? Read the Banking on Climate Chaos 2021 Report.

Take these steps to make sure your money is not funding climate change and make a real impact:

  • Switch to a green bank: Make sure your money is not being invested unethically. The lovely people at bank.green have made Ethical Banking really easy!

    Switching is so easy these days with banks offering switching services to transfer all your automatic payments and direct debits.

    Visit the bank.green web site and take their pledge to green-up your banking.

  • Make sure you let your old bank know why you’ve switched: Post on Social media and tag them of write them a letter. 

Watch the video by Banking on Climate Chaos below:

Tags :
Banks, Climate Action, climate activism, climate change, Fossil fuel funding
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  • Bel November 8, 2021

    Hi – I’ve started to switch from Lloyds Bank, who I have been with since 1978, to Nationwide Building Society who score highly for being an ethical bank and is a building society owned by its members. Thanks for the prompt! I’ve been meaning to do this for ages!

    • Ayse Terzioglu November 13, 2021

      Hi Bel!
      Thanks for your comment!
      So happy to hear you made the switch.

      Let us know how you get on with any of the other actions 🙂

      Raging Team

  • Bel November 26, 2021

    Switch complete. Easy! Everything taken care of – all direct debits set up and by some miracle my income has been paid too 😅 phew! So pleased to have left Lloyds after all this time. They asked for feedback and I have given it to them 😀

  • Britta Schuessler March 3, 2023

    Great way to check my banks. I chose my banks years ago because they scored highly around being ethical. I am pleased to know that this is still the case and neither the Cooperative Bank nor Nationwide invest in fossil fuels. Thanks for making it so easy to check!👍

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