Where the Royal College of Psychiatrists puts its money is one of the most critical choices it can make when it comes to combating the climate crisis and ecological degradation. Although the college has divested its investments from fossil fuels, it continues to bank with Barclays, which tops the list of climate offenders for fossil fuel finance.

The International Energy Agency’s Net Zero by 2050 Roadmap [1] shows that we cannot continue to pursue new oil, gas or coal expansion if we want to limit global warming to 1.5°C. Despite this, between 2016 to 2021, Barclays financed £133 billion into the fossil fuel industry [2]. This was more than any other European bank, earning them the title of ‘Europe’s dirtiest bank’ [3].

The climate impact of banking is often underestimated. Moving £5,767 (the average amount in a UK savings account) from Barclays to Triodos (a UK-based ethical bank) saves a massive 1.7 tonnes of carbon per year – that’s the equivalent of seven round-trip flights from London to Rome [4].

In addition to bankrolling climate catastrophe, Barclays has come under fire for a range of ethical concerns including human rights, workers’ rights, funding nuclear weapons manufacture, arms and military supply, political activities, anti-social finance and tax conduct [5]. Breaking ties with banks financing injustice sends a powerful political message in line with the college’s values.

The good news is that moving to an ethical and sustainable bank is an achievable and impactful action that RCPsych can take. It would be a powerful catalyst for achieving positive and lasting societal change, and it could also bring more money to the college in the form of higher interest rates.

As members of the Royal College of Psychiatrists, we ask that the college move its bank account from Barclays to an ​​ethical and sustainable bank. Given the urgency of the climate and ecological emergency, we ask that this is done as a priority. 

Please only sign the petition if you are an RCPsych member, associate or affiliate (https://www.rcpsych.ac.uk/members/membership/grades-of-membership)

References

[1] International Energy Agency, Net Zero by 2050: A Roadmap for the Global Energy Sector. https://www.iea.org/reports/net-zero-by-2050

[2] Banking on Climate Chaos, Fossil Fuel Finance Report 2022. https://www.bankingonclimatechaos.org//wp-content/themes/bocc-2021/inc/bcc-data-2022/BOCC_2022_vSPREAD.pdf

[3] Artists hijack billboards to protest the greenwashing of 'Europe's dirtiest bank'. https://www.euronews.com/green/2021/09/22/artists-hijack-billboards-to-protest-the-greenwashing-of-europe-s-dirtiest-bank

[4] Good With Money, Revealed: Britain’s worst banks for emissions (and the best).https://good-with-money.com/2022/10/12/revealed-britains-worst-banks-for-emissions-and-the-best/

[5] Ethical Consumer, Barclays Plc. https://www.ethicalconsumer.org/company-profile/barclays-plc

Source: Good With Money, Revealed: Britain’s worst banks for emissions (and the best).https://good-with-money.com/2022/10/12/revealed-britains-worst-banks-for-emissions-and-the-best/

 

Further information on fossil fuel financing:

https://bank.green/banks/barclays 

https://www.bankingonclimatechaos.org 

https://portfolio.earth/campaigns/bankrolling-extinction/

https://www.greenpeace.org.uk/news/barclays-banks-climate-change-fossil-fuels/

https://reclaimfinance.org/site/en/2023/01/17/throwing-fuel-on-the-fire-gfanz-members-provide-billions-in-finance-for-fossil-fuel-expansion/

https://bankonourfuture.org/news/banks-green-funding/

https://influencemap.org/report/Finance-and-Climate-Change-17639

https://sharklays.co.uk/Home/Factshttps://makemymoneymatter.co.uk/