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Clean up our cash

Ulster Bank could help combat climate change

We all want to save for a rainy day. But what if our savings are causing the storm?

 

The biggest banks in the UK, the ones that most of us rely upon to look after our money, are not using that money to look after our earth, our shared home.

Instead they continue to finance the extraction and burning of fossil fuels like coal, oil and gas, all of which produce carbon pollution.

This in turn fuels climate change, threatening the lives of our sisters and brothers around the world and putting all of our futures at risk.

If we’re going to build a better world and prevent irreversible damage to God’s abundant creation, we need to make the big shift away from fossil fuels and into clean energy. 

Money is key. And your bank could be part of the solution.

Across the UK we are calling on four of the largest banks (Barclays, HSBC, Lloyds and Royal Bank of Scotland) to scale up their investment in renewables, to help fight climate change. In Northern Ireland we are focusing on Ulster Bank, which is part of the Royal Bank of Scotland group.

 

How can you help

If you are on Twitter send a tweet to Ulster Bank:

A literacy class in Sierra Leone

Write to your bank: Write to all four banks asking them to join The Big Shift

Resources: Get inspiring resources for your events

 

Climate change is the biggest risk we face

In the Paris Agreement of 2015, world leaders pledged to stop global temperatures rising above two degrees.

To achieve this, governments and scientists are united in agreeing that we must move towards a zero carbon economy.

There is also a strong financial case for shifting away from fossil fuels - in 2016, The World Economic Forum identified the failure to tackle climate change as the biggest risk we face.

 

Investing in renewables helps fight climate change

UK banks manage trillions of pounds of our money. It’s up to us to be interested in how they use it. 

Our research shows that the banks managing our money are still much more heavily invested in fossil fuel companies than in renewable energy companies.

Our economy has been based on fossil fuels for over 100 years, so we understand that it’s not as easy as simply changing all of their loans and investments overnight.

But what is worrying is the lack of a clear plan or commitment from the banks as to how to change this current balance and scale up investments in renewables.

To love our neighbours and God’s abundant planet as we’re entrusted to do requires a big shift in finances towards renewable energy.  

 

What’s the solution? 

Banks must stop financing coal power plants. The UK government has already promised to phase out coal by 2025 – banks must follow suit.  

All banks must publish a transition plan for their organisation in order to meet the commitments of the Paris Agreement. 

Banks must publish the carbon emissions resulting from their investments and loans.

Email your bank

 

Related news and blogs

Our future in their plans - new policy report

Our research into whether the biggest UK banks and asset managers are doing enough to shift towards a sustainable economy

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