Call for banks to end fossil fuel investments

Fossil fuels web

The majority of British people do not believe banks should profit from investments that are harmful to the environment

3rd November 2017 by Gareth Jones 0 Comments

Calls have been made for banks to ensure investments are not harmful to the environment.

A new ComRes poll commissioned by Christian Aid has shown that 80% of the British public agree that it is morally wrong for banks to profit from investments that pollute the planet.

Four in five people (80%) questioned said they do not want banks to invest their savings in projects that damage the environment, while 77% agree banks should be stopped from doing so.

Last week, Barclays announced profit for the year to September of £3.4 billion, up 31% compared to last year, while Lloyds made a profit for the same period of £4.5bn, up 38%. RBS revealed a profit of £1.3bn for the same period and HSBC reported profits for the year to date of £11.3bn, a rise of 40%.

Sally Foster-Fulton, head of Christian Aid Scotland, said: “The devastating effects of climate change are increasingly challenging, with people in the world’s poorest communities, those who have least to do with causing this chaos, finding themselves on the frontline, struggling with severe flooding, storms, droughts, and unpredictable seasons.

“Banks and investors - including those based here in Scotland - need to move away from investing in fossil fuels and put more emphasis on financing a low-carbon future. It is heartening to see such overwhelming public support for money to be invested in a sustainable future where all can flourish. The banks need to recognise the urgency and take positive action”.

Research by the charity has shown that UK high street banks are profiting from fossil fuel projects around the world, while communities in South Asia, the Caribbean and USA are still paying the price for recent extreme weather events.