THE BIG FOUR UK BANKS

In the UK, the market is dominated by the ‘Big Four’ banks: Barclays, HSBC, Lloyds and NatWest, and many Cathedrals across the UK, have selected one of these as their bank.

Our friends at JustMoney Movement outline why this is problematic. Each of these banks “provide finance to companies that are causing harm to people and planet. Barclays and HSBC, for example, have collectively invested over $335 billion in fossil fuels since the Paris Climate Agreement was signed in 2015, making them the two worst banks in Europe for financing climate change.

It’s not just fossil fuel financing. Barclays, HSBC and NatWest have all provided finance to Glencore, a mining company that has been “widely criticised for its tax avoidance; poor health and safety conditions in many of its mines; its bad track record on environmental pollution; and for benefitting from child labour.”

WHAT DOES IT MATTER IF CATHEDRALS CHOOSE A DIRTY BANK?

When a Cathedral chooses a dirty bank, this gives the bank social licence and political influence, as it is presenting itself as a bank associated with positive causes – instead of one which is bankrolling climate collapse. The bank can then use this reputation to secure fossil fuel expansion deals.

ORGANISATIONS ARE SWITCHING BANKS

Many Christian organisations are moving away from fossil fuel banks. For example, Christian Aid, Sheffield Cathedral and Greenbelt Festival all pledged to drop Barclays in 2023, due to their funding of climate breakdown. Secular organisations are also doing the same, such as Oxfam.

WHICH CHURCH OF ENGLAND CATHEDRALS BANK WITH BARCLAYS OR HSBC?

As outlined above, the two biggest funders of fossil fuels in Europe since 2016 are Barclays and HSBC. By looking at the annual reports and accounts of Cathedrals, we identified that the following bank with Barclays:
Chelmsford
Durham
Ely
Norwich
Peterborough
Truro
Worcester

And the following Cathedrals bank with HSBC:
Coventry
York

FINDING AN ETHICAL BANK

Choosing an ethical bank is a difficult process. JustMoney Movement has an Ethical Banking Guide which outlines options for churches. One of the options outlined in their guide is the Co-op Bank – which does not fund fossil fuels. This is the bank which Derby Cathedral banks with for example.

If you want help selecting an alternative bank, here are some organisations which can be helpful:

JustMoney Movement: Mother Tree will be able to provide helpful resources and ad hoc advice

MotherTree: Mother Tree will be able to give you an organisation audit, with an accompanying report. They can also do the bank switching process for you

Switch It Green: Has an tool which can give advice on what ethical bank might be suitable for your banking requirements

HOW CAN I GET INVOLVED IN ENCOURAGING CATHEDRALS TO SWITCH?

Stage 1
Pray for the Cathedrals. Switching banks is a difficult process and it might be that sadly there are some barriers to some Cathedrals finding ethical banking options. Please pray that Cathedrals will engage with the process of finding an ethical bank, and that a viable banking option will be available.

Stage 2

Email the Cathedrals above and let them know that you are praying for them to switch to a more ethical bank. Their email addresses are as follows:

Chelmsford (hello@chelmsfordcathedral.org.uk)
Durham (https://www.durhamcathedral.co.uk/more/contact-us)
Ely (receptionist@elycathedral.org)
Norwich (https://cathedral.org.uk/contact/)
Peterborough (info@peterborough-cathedral.org.uk)
Truro (info@trurocathedral.org.uk)
Worcester (info@worcestercathedral.org.uk)

And the following Cathedrals bank with HSBC:
Coventry (https://www.coventrycathedral.org.uk/about-us/contact-us)
York (info@yorkminster.org)

Example template email for Cathedrals that bank with Barclays can be found HERE. Please do edit the template, to make it your own.

Example template email for Cathedrals that bank with HSBC can be found HERE. Please do edit the template, to make it your own.

Stage 3
Later on in the year, we will be holding vigils at Cathedrals across the UK. These vigils will be in the spirit of praying with the Cathedrals. We will pray for the Cathedral staff who are responsible for banking decisions. We also pray for the banks, that it will become easier for organisations to choose an ethical bank.

If you would like to get involved in this, please contact christianclimateaction@gmail.com