Barclays is facing more scrutiny as multiple churches and religious charities are leaving the bank over its ties to the fossil fuel industry.
Climate Christian Action confirmed plans for various religious organisations to part with the financial institution despite the clients having been with thebank for a combined 65 years.
Sheffield Cathedral, the Community of Christ and the Greenbelt Festival are parting ways with Barclays, the group said.
Over the last couple of years, the bank has received criticism from activists for investing in the oil and gas industry.
The bank is under fire for its reported investing in the fossil fuel industry
GETTY
Campaigners claim Barclays investing in fossil fuels is against their principles of tackling climate change and reducing emissions.
As a result, religious groups are moving to different banks with the Community of Christ and Greenbelt Festival transferring to the Co-operative.
Christian Aid, one of the country’s largest Christian charities, announced its departure from Barclays earlier this year.
Recent reports suggest the bank is at risk of losing the title of being the bank for Cambridge University after more than 200 years of business.
Students and staff are calling on the banking sector to “stop investing in the expansion of fossil fuels”.
Over the summer, public figures and celebrities slammed the bank for “sportswashing” following its Wimbledon sponsorship deal.
Activists are pushing for Barclays to publish a policy confirming its commitment to stop expanding financing to the fossil fuel industry.
Andrew Fox, the financial officer at the Community of Christ, said the church had banked with Barclays for more than 40 years, but members have expressed worries about giving the bank its custom.
LATEST DEVELOPMENTS:
Churches are choosing to not do business with Barclays over links to the fossil fuel industry
GETTTY
Mr Fox said: “More recently members have expressed concerns about the church banking with a bank that rates so poorly in relation to its ethical investments and have requested that we find a more ethical way to bank.
“The church’s finance committee has been exploring which banks invest in a way that meets the requirements of the Community of Christ ethical investment policy and plan to move from Barclays to a more ethical option in the near future.”
Dr Rowan Williams, the former Archbishop of Canterbury, has also called for tougher scrutiny of banking institutions to fight climate change.
He said: “The recent Cop (28) discussions have underlined the need to keep up pressure on all our institutions to take appropriate action towards a sustainable future for our world.
“The policies of our major banks play a crucial role in this, and I welcome any step that reinforces for them the urgent imperative of radical rethinking around fossil fuel investment.”
A Barclays spokesperson said: “Barclays has reduced its financed emissions of the Energy sector by 32 per cent since 2020, which exceeds our 2025 target. We are committed to financing the energy transition, investing in the climate technologies required to build low-carbon capacity as we support those clients investing to achieve net zero.
“In addition to the £99billion of green and sustainable finance provided since 2018, we are investing £500million of our own capital into climate-tech start-ups by the end of 2027.
“It is our privilege to bank and support our clients including universities and religious groups.”
