Christian groups in UK call on banks to stop supporting fossil fuels

LEICESTER, United Kingdom – On Tuesday, several Catholic organizations joined other Christian groups in calling on banks to change their practice of financing fossil fuels.

“Banks play an important role in society, from providing institutions like ourselves with services to investing in our economy,” the statement issued by 71 Christian organizations says.

“You hold immense influence and responsibility. However, we believe your financing practices represent a contradiction to our values as faith-based institutions. The earth – our common home – should be cherished and safeguarded. As Christians, we understand that ‘the earth is the Lord’s and all that is in it’ (Psalm 24:1). We are called to act justly with the resources we steward and to care for Creation,” the statement continues.

The Churches and Christian organizations involved join the many charities, churches, universities and medical institutions that have already taken action on this issue. Between them, the signatories represent over 400,000 members.

The statement raises concerns over the $556 billion that Barclays, HSBC, Santander, NatWest and Lloyds have provided to the fossil fuel industry since the Paris Climate Agreement. In 2023, the five banks collectively financed companies expanding fossil fuels with almost $25 billion.

“The expansion of oil and gas is incompatible with limiting global warming to 1.5 degrees, according to the UN, the International Energy Agency and thousands of leading climate scientists,” the statement says.

“The fossil fuel industry and the climate crisis not only threaten the future of the planet we love, but they also threaten the present, especially the lives of our neighbors in frontline communities and the global south,” the Christian groups continue.

“In the past few years, we have seen an increase in extreme weather events, from heatwaves to floods. The trend is set to continue and conditions to deteriorate. Vulnerable communities are already suffering from the effects of global heating; we cannot stand by and allow the crisis to worsen,” the statement says.

The Christian organizations say they are looking to create “a hopeful future, one that is just, fair and kind, for everyone, our children and those who will come after us; we expect our financial institutions to do the same.”

“This future cannot include the financing of fossil fuels and environmental degradation, or the facilitating of human rights abuses, health crises and atrocities across the globe,” the statement says.

The Christian groups called on the banks to end new finance or financial services to potential new clients involved in fossil fuel expansion; put existing fossil fuel clients on notice that they must end fossil fuel expansion or risk losing financing and financial services; and if existing clients fail to end their expansion plans in the short term, banks should exit those relationships.

“As long as these demands are unmet, we will continue to publicly voice our concern and explore other banking options wherever possible,” the statement says.

“We encourage those of all faiths and none to join us in calling for a better financial sector that aligns with our values, protecting our future, our planet and communities worldwide. We hope that this statement is a step along the way to a just, fair financial system that works for all,” the Church leaders say.

In a separate statement, the former Archbishop of Canterbury, Rowan Williams, said banks are “very understandably” seen as institutions we need to be able to trust.

“What we are asking is that the main High Street banks should show themselves to be fully worthy of that trust by playing their part in creating a future we can trust, a future in which our lethal dependence on fossil fuels will at last be put behind us,” he said.

Meanwhile, Sister Susan Francois, the Assistant Congregation Leader of the Sisters of St Joseph of Peace, also signed the statement.

“We believe that we have a fiduciary responsibility to earth, and present and future generations. We signed this statement because we agree with Pope Francis that we must transform the economy from one that kills, into an economy of life,” she said.

Follow Charles Collins on X: @CharlesinRome