Oxfam is joining a growing list of charities and civil society ditching Barclays for the billions it’s piling into the likes of Shell and Exxon. Oxfam now joins the University of Cambridge and Christian Aid, as well as dozens of other organisations aiming to distance themselves and their reputations from the toxic brand Barclays is developing.
🚨 Breaking 🚨 Yet another organisation has left @BarclaysUK because of their ties with the fossil fuel industry 🔥👏🏼
Great to see @oxfamgb taking this step. All other charities should follow them and Christain Aid in aligning their banks with their values 🌍 pic.twitter.com/ZE8Et78IpL
— Make My Money Matter (@MMMoneyMatter) January 30, 2024
Barclays claims to be a leader on climate. But a small scratch under the surface reveals some uncomfortable truths:
- Barclays is the biggest European bankroller of the fossil fuel industry since 2016
- Barclays is currently bankrolling 8 of the 10 most damaging fossil fuel companies in the world
- Barclays’ green claims are riddled with holes – including counting gas extraction as green 🥲.
- Barclays is turning a blind eye to major human rights abuses by clients and instead providing them with cash to continue.
- Barclays is the only UK bank without any policy addressing clients that are drilling for new oil and gas, completely against the science.
Ooohhh dear.
This explains why dozens of charities and universities around the UK are now pushing to leave Barclays. The reputational threat of having a bank that’s in bed with the fossil fuel industry is proving too much. And it’s not only a problem for clients. Barclays’ sponsees have a problem too. Wimbledon is sponsored by Barclays and faced headline calls to ditch the fossil fuel bank. There’s also a theatre in London sponsored by Barclays which is facing major disruptions for their fossil fuel sponsor.
Barclays has a simple step to get out of this reputational mess. They should issue a policy that phases out all support (financial and advisory) for the fossil fuel industry by 2030. And even though that sounds big, it’s not. It’s under 2% of Barclays’ exposure. Simple.