WHY?
Most banks lend money to support fossil-fuel developments. Some don’t. Moving your money away from banks that do reduces their ability to lend to large oil, coal and gas producers, thus reducing their ability to contribute to climate change. When enough people and organisations switch, it may also start to force banks to reconsider their investment strategies.
And, moving your money to banks who actively invest in green policies such as developing renewable energy sources, contributes to vital action to mitigate against climate change.
HOW?
Move bank account(s) and investments to banks that don’t support fossil fuel exploration, extraction and use and into funds that do not drive climate change.
1. Write to your bank
- MotherTree publishes a league table that reports the tCO2 per £10k of investment among UK banks.
- Find out where your bank currently ranks and write to them to express your concern if they are one of the higher-emitting banks.
- If you can, express your intention to look into a different banking option if they will not stop financing fossil fuel companies.
- The more organisations that voice concern, the harder it is for banks to justify pumping billions into fossil fuel companies developing new oil and gas.
- Make My Money Matter has templates linked here to make this as easy as possible to do.
2. Switch to a greener bank
There are a number of high street banks in the UK that do not support fossil fuel investments.
| Banking needs | Options |
| For large organisations with complex needs and a requirement to process international payments | Currently, the only green bank that can process international payments is Handelsbanken. |
| For large or small organisations that don’t require international payments | You can find out about UK based green banks and their offers here. |
MotherTree helps businesses and non-profits by taking clients through a three-step journey to measure existing carbon footprints, prioritise the largest and most impactful changes, and support the switch to a new bank. For a fee, they can also research banking options and perform account switches for them.
When organisations do decide to move bank accounts, Tipping Point can support organisations to make their decision public to maximise the impact of their account switch. Organisations can get in touch with Tipping Point at bankbetter@tippingpointuk.org or by joining their WhatsApp group chat to connect with other health professionals that work towards a fossil-free health sector.
Divest from all fossil fuel investments
3. Encourage individual members to switch
- Many individuals are unaware their bank is financing fossil fuels companies or how impactful it can be to switch to a greener bank.
- Through the multiple organisations that make up the UK Health Alliance on Climate Change, we have the power to generate a huge shift in banking by encouraging the 1 million+ health professionals that make up our collective membership to switch.
- For further information on the best ‘fossil fuel free’ offerings, see Which?
- Organisations can book bank switching workshops with switchit.green to introduce their staff and others to bank account switching.
Find out how others have divested from fossil fuel investments:
Intensive Care Society guidance about how they divested from fossil fuels investments.
