Christian Aid cuts ties with Barclays over fossil fuels financing
O
ne of the UK’s largest growth charities has lower ties with Barclays over its financing of fossil fuels tasks.
Christian Aid, which had an earnings of £78.4 million final 12 months, stated it was dropping the UK financial institution over its “weak commitment” to rolling again fossil gas financing.
Christian Climate Action, a marketing campaign group calling for charities to ditch Barclays, stated the choice might additional have an effect on the popularity of the UK financial institution, which advantages from and publicises its relationships with moral and sustainable purchasers.
The group is looking on Barclays to publish a coverage to cease extending all kinds of financing – be it loans or underwriting – to coal, oil and fuel purchasers who’re nonetheless exploring and growing new tasks.
Martin Birch, Christian Aid’s chief working officer, stated: “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.”
Investors and campaigners have more and more been focusing on Barclays over its financing of recent oil and fuel.
The financial institution has supplied £148 billion in fossil gas financing, making it the world’s seventh largest funder of fossil fuels globally between 2016 and 2021, based on a Rainforest Action Network report launched earlier this 12 months.
It just lately got here below hearth for its sponsorship take care of Wimbledon, dealing with accusations of “sportswashing” – the apply of investing in high-profile sporting occasions or groups to enhance an organisation’s picture regardless of dangerous actions elsewhere.
Christian Climate Action stated the financial institution has a scarcity of coherent coverage to realize its goal to scale back real-world emissions by 40% by 2030 whereas opponents HSBC, Lloyds and NatWest have taken the step to cease direct mission financing to new oil and fuel.
However, it warned that banks all have to go a lot additional and handle their financing on the consumer stage, via basic objective loans and underwriting of bonds.
The transfer was welcomed by former Archbishop of Canterbury Dr Rowan Williams in addition to different charity leaders, specialists and campaigners, who known as for different charities to comply with go well with.
Dr Williams, who can also be the previous chairman of Christian Aid, stated: “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.”
Meanwhile, Tony Burdon, government director of Make My Money Matter, stated: “Christian Aid’s decision shows the power of making your money matter – and sends a clear signal to Barclays that it’s time to stop their dangerous practice of financing fossil fuel expansion.
“We hope all organisations follow Christian Aid’s lead, and make sure their money is complementing their values, not contradicting them.”
Rev Darrell Hannah, chairman of Operation Noah, a Christian local weather charity stated: “As Barclays continues to fund fossil fuel companies’ exploration and development of new fields, it is imperative that Christians, and others, cease to do business with Barclays.
“The recent deadly heatwaves across Europe and the breaking of global temperature records should serve as a reminder of the danger posed by Barclays and the companies they bankroll.
“Christian Aid is to be congratulated for this momentous and, hopefully, trend-setting decision.”
If you fund local weather change, you gas local weather change
Rev Helen Burnett, a member of Christian Climate Action and volunteer fundraiser for Christian Aid, stated: “There are many other charities still banking with Barclays.
“It’s untenable that charities can say that they stand against climate change, and the suffering it means for vulnerable people around the world, while at the same time banking with the biggest funder of fossil fuels in Europe.
“If you fund climate change, you fuel climate change. Charities and other organisations that choose Barclays are choosing to fund suffering.”
Ruairidh Fraser, a researcher at Ethical Consumer stated: “While high street rivals like HSBC and NatWest have at least restricted some new oil & gas funding, Barclays remains free to finance fossil fuel expansion.
“We are calling upon individuals and organisations to withdraw their money from Barclays until it withdraws its money from the most destructive industries on the planet.”
PA has contacted Barclays for remark.