Banks and fossil fuels

Banks play a significant yet unseen role in the climate crisis through their investments, enabling the expansion of fossil fuel companies. This contradicts global efforts to limit greenhouse gas emissions and transition to a sustainable future. Our accounts contribute: an account with a major UK bank can channel £1 million into the fossil fuel industry.

The crisis

Between 2016 and 2023, Barclays, HSBC, Santander, NatWest, and Lloyds channeled over £437 billion into fossil fuels, fuelling the climate crisis. This has huge environmental and social impacts, particularly for vulnerable communities and ecosystems. As young people, we will live with these consequences.

Greenwashing

Many banks greenwash, deceptively marketing themselves as environmentally conscious while continuing to fund fossil fuels. This undermines genuine climate action by misleading the public and investors into believing that sufficient progress is being made.

Students

As students, we're banks' future customer base, and so our voice matters. If we bank sustainably, then major banks have a financial incentive to stop investing in fossil fuels. Also, our universities often bank with fossil fuel funders, despite claiming to be sustainable. If we change, we can put more pressure on them to change.