Most banks lend money to support fossil-fuel developments. Some don’t. Moving your money from the banks that invest in fossil fuels to those that don’t is a means to reduce the ability of these banks to lend to large oil, coal and gas producers, while also demonstrating your commitment to a fossil-free future. Such actions also encourage others to move, and when enough people and organisations switch, it may also start to force banks to reconsider their investment strategies.
Many organisations and individuals already bank fossil free, including the British Thoracic Society and Association of Clinical Psychologists.
There are three key actions that health organisations can take.
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. The Bank Better handbook provides a list of options and the various different types of accounts supported.
Further information on fossil fuel-free banks that provide business or charity accounts is available on Bank.Green.
There are lots of resources, guidance and support available to organisations wishing to switch.
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.
Where health organisations feel they may require further support because their banking needs are complicated, or they do not have the administrative capacity to carry out a bank switch, MotherTree can research banking options and perform the account switch for them. Those services are not free, but MotherTree offers group discounts. Introductory calls with MotherTree can be requested for free.
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.
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. This impact will be felt greater if more and more health professionals make the switch.
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.
Organisations can book bank switching workshops with switchit.green to introduce their staff and others to bank account switching.
