How to move your money out of fossil fuels
The world's 60 biggest private banks have funnelled nearly £2.8 trillion into fossil fuels since the Paris Agreement was struck in 2015. The UK's five biggest banks - Barclays, HSBC, Natwest, Lloyds Banking Group and Standard Chartered - invested nearly £40.4bn into the coal industry alone between 2018 and 2020 (according to campaigners Urgewald and Reclaim Finance)
Banks can use your money - whether held in an account, pension or other investments - to loan to or invest in businesses around the world. This can mean your money could go toward for example, building an oil pipeline, or funding deforesting projects.
By 'divesting' your own personal finances and moving away from companies that are still funding fossil fuel projects, it is possible to make an immediate impact. This could include switching your current account, savings accounts, cash ISAs, investment funds and pensions.
For more information, please visit:
- How to move your money out of fossil fuels | Friends of the Earth