Cathedrals Ditch Banks Funding Fossil Fuels as Campaign Launches Urging Others To Follow Suit

Four Church of England cathedrals: Durham, Southwark, Truro and Worcester, are latest to have started the process of dropping accounts with banks which fund fossil fuel companies. They join cathedrals in Chelmsford, Derby and Sheffield, who have already committed to switch to a fossil free bank or have always banked with one.

This announcement comes ahead of a campaign by Christian Climate Action, who will be holding vigils and protests at cathedrals across the UK from the second weekend of Lent [1]. Christian Climate Action is a grass-roots group of Christians urging the church to take action to prevent the climate crisis. The group are calling on cathedrals, and the wider church, to move away from one of the big five banks, Barclays, HSBC, Santander, NatWest and Lloyds, and to one that does not fund fossil fuels.

The Dean of Worcester, The Very Revd Dr Stephen Edwards commented on their recent commitment:

 In 2021 Worcester Cathedral, like many organisations, declared a climate emergency. This, together with our journey through the Eco Church programme has focussed on the wider implications of the climate crisis and how we can make a difference across the Cathedral’s activity. We began exploring alternative banking arrangements last year and are working to seek the best ethical and sustainable approach to financial processes. In doing so we live out our values as a Christian organisation proclaiming the Kingdom of God.

On facebook, the Dean of Worcester commented that Christian Climate Action has been “really helpful” in their decision to switch banks.

Since the Paris Agreement in 2015, the world’s 60 largest banks have provided $6.9 trillion in financial commitments to the fossil-fuel industry, with $673 billion in fossil- fuel financing in 2023 alone [2].

Christian Climate Action are known for their prayerful protests in cathedrals. In November 2023 members of the group interrupted a live broadcast of BBC Radio 3 Evensong at Chichester Cathedral over the diocese’s refusal to divest from fossil fuels [3].

These bank switches come as part of a wider movement among faith organisations. For example, Christian Aid switched from Barclays bank in July 2023 [4] and Greenbelt Festival also moved from Barclays to the Co-op bank at the end of 2023 [5].

The Revd Mark Coleman, a retired vicar from Rochdale and a supporter of Christian Climate Action, said: 

Fossil-fuel companies might be the ones extracting and burning fossil fuels, but it’s the big five banks making that financially possible. These banks are funding climate collapse, and all the suffering, extinction, wars, and political chaos that comes with that. As Christians, we are called to speak up for the poor and against the powers causing oppression.

Secular organisations have also been dropping fossil fuel banks, with Oxfam announcing last year that thy are moving away from Barclays [6] and The British Medical Journal (The BMJ) announced that it will no longer accept advertisements from banks that fund fossil fuels [7].

Tony Burden is CEO of Make My Money Matter, a charity that helps organisations make the switch. He said:

Fantastic to see even more cathedrals and churches leaving these polluting high street banks. They are part of a growing movement demanding better from their money, including universities, charities and medical institutions. No one should bank with climate wreckers like Barclays, Lloyds, HSBC, NatWest and Santander, who put profit before our planet and our lives. Switch to greener alternatives like The Cooperative Bank, Nationwide, Starling, and Triodos Bank instead.

The Director of Movement Building at the JustMoney Movement, Rosie Venner, said: 

Many big banks continue to finance sectors that are fuelling the climate crisis and are not moving swiftly enough to invest in solutions like renewable energy. At JustMoney Movement, we support a range of churches and Christian organisations to consider their finances as part of how they care for creation, and we are encouraged to see more Cathedrals taking such action with their finances.

In doing so, they strengthen the movement advocating for a greener, fairer banking sector. As Christians, switching to a greener bank is a way of affirming our commitment to act justly and love our neighbours. When we do this collectively, we send a powerful message that things need to change, so that greener banking becomes the norm.