Christians call for action as new research shows UK high-street banks are still financing fossil fuels
The world’s top 65 banks have financed fossil fuels by $7.9 trillion dollars since the Paris Agreement, according to the latest edition of the Banking on Climate Chaos report1 released today.
- Big banks poured $869 billion into fossil fuels in 2024 alone, with two thirds of banks increasing their fossil fuel financing from 2023 to 2024. According to the International Energy Agency (IEA) any new fossil fuel expansion projects are incompatible with achieving a net-zero emission goal by 2050.
- Barclays and HSBC are the biggest fossil fuel financing banks in the UK. Barclays is one of the top 10 fossil financing banks globally, increasing its financing by $12.8 billion in 2024. HSBC has been accused of backpedalling on its climate commitments2.
- The UK’s big 4 banks – Barclays, HSBC, Lloyds and NatWest – have all prohibited direct financing to fossil fuel expansion but none have restricted financing to companies with plans for fossil fuel expansion, allowing for substantial continued financing to fossil fuel companies, as evidenced in the Banking on Climate Chaos report.3
In November last year, over 70 Christian organisations published a statement of concern calling on UK banks to end their financing of new fossil fuels. The full statement and list of signatories can be found here.
Individuals can pledge to switch away from fossil fuel financing banks through the Big Bank Switch, a campaign coordinated by JustMoney Movement, Operation Noah, Just Love UK and Laudato Si’ Movement. The Big Bank Switch wants to see Christians move en masse to greener banks as part of their care for God’s creation.
Churches can take action to switch to greener banks through BankWell – a new initiative supported by Just Love UK and JustMoney Movement.
Rosie Venner, Director of Movement Building, JustMoney Movement:
“It’s disturbing to see that large amounts of money are still flowing from UK banks to fossil fuel companies, with some banks even increasing their fossil fuel financing. JustMoney Movement produces a ‘Greener, Fairer Banking Guide’ that compares ethical banking options for churches and charities. We are urging individuals and churches to switch to greener banks, as part of a bigger movement across civil society calling for a greener banking sector.”
James Buchanan, Climate Finance Campaign Manager, Laudato Si’ Movement:
“It is hugely concerning that in 2024, the hottest year ever recorded, major banks such as Barclays and HSBC have rowed back on climate pledges and significantly increased their financing to fossil fuel companies driving the climate emergency. One of the most powerful actions that Christian individuals and institutions can take is to switch to greener banks – calling for change, putting our money where our faith is and hitting the big banks’ bottom line.”
Holly-Anna Petersen, Christian Climate Action:
“Banks shape the world around us, by what they choose to fund. This report shows that the major banks in the UK are set on funding fossil fuels, and all the suffering and climate destruction that comes with that. As Christians, it’s our duty to choose a bank which is funding the future we long to see.”
Cameron Conant, Operation Noah:
“The climate crisis isn’t just happening, it’s being funded – sometimes by those of us who are most concerned about caring for creation, and all because we have a bank account with an ordinary high street bank. I personally moved from HSBC to Nationwide earlier this year and found the process to be surprisingly easy. And by pledging to move with the Big Bank Switch we’ll deliver a clear message to bank executives that we have no faith in fossil fuels, pressuring these banks to stop funding climate breakdown.”
Notes to editors
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The Banking on Climate Chaos 2025 report can be accessed here. Banking on Climate Chaos is authored by Rainforest Action Network, BankTrack, the Center for Energy, Ecology, and Development, Indigenous Environmental Network, Oil Change International, Reclaim Finance, Sierra Club, and Urgewald. It has been endorsed by 480 organizations in 69 countries.
- The Big Bank Switch is an initiative calling on Christians to care for God’s creation by switching to greener banks. https://justmoney.org.uk/the-big-bank-switch
- BankWell exists to see as much money held by churches in the UK to be moved out of fossil-fuel-funding banks as possible. https://www.bankwell.uk/about-bank-well
- The Greener Fairer Banking Guide for churches can be found here: https://justmoney.org.uk/resources/new-greener-fairer-banking-guide/
JustMoney Movement is an ecumenical Christian charity equipping individuals and churches to make fairer, greener choices with our own money, and calling for actions by banks, businesses, and in the tax system, that will enable all people and the planet to flourish. www.justmoney.org.uk
Laudato Si’ Movement is a global movement of grassroots leaders and member organisations, mobilising and inspiring the Catholic community to achieve climate and ecological justice. laudatosimovement.org
Christian Climate Action is a multi-denominational network of Christians across the UK, that support each other in tackling the climate crisis. They carry out prayerful protests and vigils to bring about the changes we need. Ethical finance is one of CCAs core campaigns. Website: https://christianclimateaction.org
Operation Noah is a Christian charity working with the Church to inspire action on the climate crisis. It is faith-motivated, science-informed and hope-inspired.
https://www.operationnoah.org