Christian Aid has dropped Barclays for Lloyds Bank over fossil fuel financing concerns.
The charity, which had an income of £78.4 million last year, said it was dropping the UK bank over its “weak commitment” to rolling back fossil fuel financing.
Christian Aid chief operating officer Martin Birch said Barclays’ record on “fossil fuel finance, and their weak commitment to future improvements in this area meant that we had to seek a more suitable provider.”
Campaigner Christian Climate Action group is now calling Barclays to publish a policy to “stop extending all types of financing (loans and underwriting) to coal, oil, and gas clients that are still exploring and developing new fossil fuels.”
Subscribe to Sustainability Beat for free
Sign up here to get the latest sustainability news sent straight to your inbox each morning
“Even though the bank has set a target to reduce real-world emissions by 40% by 2030, the lack of a coherent policy to achieve this has drawn concern from campaigners and investors,” it added.
Former Christian Aid chair Dr Rowan Williams “welcomes the clear stand that has been taken by Christian Aid on this matter.”
Williams, who was also former archbishop of Canterbury, added that it is essential that banks are “held accountable for the use of their resources in the context of our global emergency.”
Christian Aid’s decision comes in the wake of the Church of England announcing its decision to cut investment in fossil fuel companies such as BP and Shell.
Archbishop of Canterbury Justin Welby said it is its “duty to protect God’s creation, and energy companies have a special responsibility to help us achieve the just transition the low-carbon economy we need.”
