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.

Barclays claims to be a leader on climate. But a small scratch under the surface reveals some uncomfortable truths:

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.Β