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If you have any connection to a charity – whether you are a volunteer or a donor – there is something you can do
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Your support makes all the difference.There is a great way we can help the brave climate protectors at Just Stop Oil, even if gluing ourselves to the street is too much for us. If you have any connection to a charity – whether you are a volunteer or a donor – there is something you can do.
Our global banks keep pouring billions into new fossil fuels, despite the fact that we already have enough existing fossil fuels to destroy ourselves many times over.
If we cannot stop investing in new fossil fuels immediately, we have no hope of ever weaning ourselves off existing fossil fuel stocks. This is why Just Stop Oil’s sole and simple demand is to say no to new oil and gas.
Since Extinction Rebellion started their first rebellion in 2018, many national and international institutions now back this demand. They include the International Energy Agency, UN Secretary General, Labour Party, SNP and the European Investment Bank. And of course, it’s why The Independent launched our Stop Fuelling the Climate Crisis Campaign.
Unfortunately, the few remaining supporters of new fossil fuel investments are the UK’s right-wing tabloids and the latest Tory PM Rishi Sunak.
And crucially so are most of the UK’s largest banks. Barclays is the worst at 7th in the global 2022 RAN list of fossil-fuel funding banks. HSBC is the UK’s second worst coming in at 13th on the global list. Natwest is 45th and Santander 32nd. Combined, the UK major banks have poured over $366bn into new fossil fuels since the Paris Agreement was signed. So, what has all this got to do with UK charities, I hear you ask?
Well, the UK’s charity sector is worth over a whopping £146bn to the UK’s banks, with an annual turnover of £83bn and over £63bn in reserves.
But examination of half-a-dozen random charities’ accounts reveals that many bank with some of the worst fossil-fuel funding banks.
We asked Unicef: “With the climate crisis being the largest threat to child welfare globally, how do you justify being with HSBC and have you any plans to move to a less climate damaging bank?” I was very impressed with their reply: “We are taking concerns seriously and we plan to look at this at our next banking review.”
We asked the Donkey Sanctuary: “With the climate crisis being the largest threat to animal welfare globally, how do you justify being with Barclays and do you plan to move banks?”
They replied that they were adopting a new strategy that would introduce new sustainability policies, in line with recognised good practice and said, “We will be considering our supplier relationships as part of this.”
Save the Children International accounts list JP Morgan (globally the worst fossil fuel funding bank), Barclays and Standard Chartered (36th worst) as their principal bankers.
We asked them “Why is Save the Children banking with the world’s worst funders of fossil fuels, which are the greatest threat to children across the world and a major contributor to the extreme weather causing a hunger crisis in the horn of Africa?”
A spokesperson for the charity said that while its UK operation did not use those banks, there weren’t many banking services that worked with NGOs in high risk environments. They said: “Save the Children International relies on ones that do to reach children in some of the world’s toughest places, like Syria and Afghanistan.”
They added: “The Save the Children movement is committed to tackling the impact of the climate crisis on children now and in the future, as well as reducing our own environmental impact. We have pledged to halve our carbon emissions by 2030, compared to 2019. Save the Children’s UK arm has committed to reaching this target by 2024 and has cut flights by 70 per cent.”
We asked the British Council: “As you state that climate change is a human rights, equality, health and survival issue, how do you justify being with HSBC and do you have any plan to move banks?” Whilst they acknowledged the press query, they failed to supply any response.
The British Heart Foundation bank with Barclays. We asked them in light of the climate crisis, being the largest threat to human health globally, how do you justify being with this bank and do you have any plans to move banks?”
They disappointingly said: “The British Heart Foundation (BHF) ensures any organisation we work with or whose service we use best meets our needs to help us fund lifesaving heart and circulatory disease research.”
The Nuffield Health Charity banks include Barclays, HSBC and Santander. We asked: “As the BMJ stated the climate crisis is "the greatest public health threat of the century", how with your commitment to "maintain and prevent sickness of any kind", justify being with these banks and do you have any plans to move banks?” We got no reply.
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So dear readers, please Google the annual accounts of whatever major charity you are involved with or support, to check if they are banking with a major fossil fuel funding bank.
If they are, ask them if they will move to a more ethical bank, such as Triodos or the Charities Bank. Activists are already demanding that the National Trust acts on the fact that they bank with Barclays. The Trust has asked its 5.7 million members to vote on whether it should cease to bank with Barclays because of its record – an online poll closed on 28 October, and the Trust is due to announce the result at its AGM on 5 November.
Use the comment section below to keep us updated and to alert other supporters of your favourite charity.
Getting the entire charitable sector to adopt ethical banking would send a huge £146bn message to these banks – stop funding climate destruction or your profits will pay the price.
Now that would put a great smile on the Just Stop Oil heroes sadly being assaulted on our streets as they act to stop climate destruction.
This article was amended on November 5 to include a statement from Save The Children.