The Make My Money Matter campaign points to research by environmental charity Rainforest Action Network, which claims that between 2016 and 2021, HSBC, Barclays, Santander, NatWest and Lloyds funnelled almost $368bn (£298bn) towards the fossil fuel industry.
Source link UK banks have come under pressure from celebrities Emma Thompson and Aisling Bea, calling on them to stop financing fossil fuels.
In an open letter addressed to the CEOs of some of the country’s biggest banks, including Barclays, HSBC, RBS and Lloyds, the two stars have urged the financial institutions to adopt policies to end the funding of fossil fuels.
The letter, published by the NGO Client Earth, highlights the environmental damage caused by extracting and burning fossil fuels, stating “it is not only our planet’s well-being that is at stake, but our own too.”
At present, none of the banks listed in the letter have committed to stopping their support for fossil fuel companies, despite calls from environmental activists and pressure from the finance ministry.
Thompson and Bea are both well known for their activism, particularly on environmental and social issues. Last month, Thompson led a protest outside of the offices of Barclays in central London over their support for the construction of a new gas pipeline across the UK.
Bea, who recently launched her own non-profit organisation to support the environment, has been vocal on the environment in recent years, voicing frustration at the slow pace of reform within the financial sector.
The letter from Thompson and Bea comes at a time when the UK public is increasingly aware of the catastrophic effects of climate change. Research also shows that nearly half of UK decision makers in the banking industry believe that financial institutions should do more to limit the impact of their investments on the environment.
The move is part of a larger campaign by environmental activists and celebrities to urge banks and investors to use their economic power to help drive sustainability. If the call is heeded, it could be a crucial step towards a more sustainable future.
