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. Which options are available depends on the size of account; complexity in the financial system (e.g. tethering to other financial products such as mortgages); the need for high-street physical presence (‘a branch to walk into’); and the need for international banking facilities.
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
For simple and small accounts:
The Co-operative Bank and Triodos don’t invest in fossil fuels. Triodos actively invests in ‘good things’ as well as ‘not investing in the bad’. Both accept business or charity accounts.
Find out more:
- Triodos
- Co-Operative Business Accounts and Charity Accounts
For larger accounts with international banking facilities:
Handelsbanken is pretty much the sole UK choice.
Where there is complexity, inaction is still not a choice. Some choose to act quickly by separating some functions fast to ‘green’ banks, while planning for greater change. MotherTree can help advise and manage transitions.
UKHACC has established C-suite connections with all of these banks, should you seek high-level conversations or concierge service. Please contact us here.
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.
