Greens ask council to look again at where it banks – for the climate’s sake
Green councillors are calling for money to be shifted away from fossil fuel-funding banks in a motion to Norwich city council.
The motion to the full council meeting on 28th November asks that Norwich City Council takes a stance on the role that the banking sector plays in financing the climate crisis.
The motion, proposed by Cllr Hannah Hoechner and seconded by Cllr Gary Champion, asks that the Leader of the Council lobbies the government to review current procurement legislation so that Councils can, in future, choose their bank based on its climate record. The motion also asks the Council to signpost resources to Norwich residents that can help them find out about their bank’s record on climate and about switching to a climate-friendly alternative.
At present, Norwich City Council relies on Barclays for its banking operations, and so do all other Norfolk Councils. Barclays is Europe’s largest funder of fossil fuels. Over 100 people have signed a recently launched petition by Norwich Friends of the Earth asking that Councils stop banking with Barclays when their contracts are up for renewal next year.
Current procurement legislation does not allow local councils to take into account the makeup and associated carbon footprint of a bank’s investments when choosing their banking partner. This means councils are unable to take carbon reduction into account in any meaningful way when procuring banking services.
Cllr Hoechner said: “Norwich City Council declared a ‘Climate Emergency’ and committed to reaching NetZero by 2030, and yet, we continue to hand over citizens’ money to Europe’s dirtiest bank. Barclays is Europe’s biggest funder of fossil fuels and the only major British bank not to have taken any steps to restrict investments in new oil and gas. Individuals can send Barclays a message and switch to a more ethical bank. Councils should also have the right to do so.”
Cllr Champion said:“Norwich City Council should be showing leadership on the issue of climate change and should not be investing money with banks that harm the environment. We need much better accountability for how our money is being used to make sure it is being invested for good and can help ensure we have a planet that is habitable today and into the future.”
Since the Paris Agreement was signed, the world’s 60 biggest banks have poured over $US 5.5 trillion into fossil fuel industries. Barclays has been Europe’s largest funder of fossil fuels for seven years running. From 2016-2022, it has given over £150bn to companies active across the fossil fuel life cycle. That is over ten times more than its competitors NatWest (just over £13bn) and Lloyds (just under £12bn), the other two banks currently providing banking services to local governments in the UK. Barclays is also the only major British bank not to have taken any steps to restrict investments in new oil and gas. In the period from 2016-2022, it has given over
£44bn to companies expanding fossil fuel exploitation, locking in future emissions. Unlike most other UK high street banks, Barclays continues to fund even the most polluting of fossil fuels, including offshore oil and arctic oil and gas.
A range of campaign resources are available to people interested in finding out more about their bank’s climate record, and about switching to a more ethical bank, such as:
- Switch It Green,
- Make My Money Matter,
- Bank.Green.
