Christian Aid, which had an income of £78.4 million last year, said it was dropping the UK bank over its “weak commitment” to rolling back fossil fuel financing
One of the largest development charities in the country, Christian Aid, has cut ties with Barclays Bank over its financing of fossil fuel projects, as pressure grows on banks and financial institutions to stop investing in fossil fuels.
Barclays provided £148bn in fossil fuel financing between 2016-21, making it the world’s seventh largest funder of fossil fuels globally.
It was reported in 2021 that Barclays had also financed more in fossil fuel projects than any of the UK’s largest banks in the months leading up to the Cop26 climate talks in Glasgow.
Christian Aid, which had an income of £78.4 million last year, said it was dropping the UK bank over its “weak commitment” to rolling back fossil fuel financing and urged Barclays to stop extending all types of financing to coal, oil and gas clients who are still exploring and developing new projects, the Evening Standard reported.
Martin Birch, Christian Aid’s chief operating officer, said: “Whilst Barclays was able to provide banking services to fragile contexts, their record on fossil fuel finance, and their weak commitment to future improvements in this area meant that we had to seek a more suitable provider.
“Christian Aid has ambitious environmental commitments over the next few years, as set out in our recently launched Environmental Policy.”
The move was welcomed by former Archbishop of Canterbury Dr Rowan Williams who said: “It is essential that banks like all public and corporate bodies be held accountable for the use of their resources in the context of our global emergency, and I welcome the clear stand that has been made by Christian Aid on this matter.”
Charity Share Action tweeted in response to the news: “More organisations are cutting ties with banks that continue to fund fossil fuels like @Barclays.
“Banks need to listen to the climate concerns of their shareholders & clients, otherwise more will follow @christian_aid’s example. Banks must act now.”
Basit Mahmood is editor of Left Foot Forward
(Picture credit: HowardLake: Creative Commons)
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