"I detest Barclays Banks." - Sheffield council faces pressure to adopt new green banking

On March 2nd during a council meeting tensions rose when Sheffielders complained about Barclays Bank's unethical environmental practices.

Its contract with the council is due to end in autumn 2022.

Richard Teasdale, 41, a climate activist, asked the council at the meeting how it would ensure their bank is truly ethical and sustainable, putting the planet before its profit.

He said: “I wholeheartedly detest Barclays Bank, they invest in fossil fuels more than any other European Bank over 100 billion dollars since the Paris Climate Agreement in 2015.

“If the council is serious about the climate and nature emergencies and their ethical conduct of suppliers then they can’t engage in any bank that knowingly invests billions in climate-destroying, fossil fuels.”

In just three years, from 2016 to 2018, Barclays provided $85 billion in funding to fossil fuel companies, according to Greenpeace.

This includes companies involved in coal, fracking, tar sands, and Arctic oil projects. Of this,$24 billion was for companies heavily involved in expanding the extraction and use of fossil fuels.

Florence Stuart, Writer for Greenpeace, said that Barclays Bank is a major player in contributing to climate change globally. She said: “Barclays is just behind the US banks for fossil fuel financing- and shows no signs of slowing down.“

Major banks like Barclays have investment arms, which are a core part of the system causing climate change.”

We contacted Barclays Bank’s press office to discuss their involvement with fossil fuels and their impact on climate change, however they refused to comment.

Councillor Cate McDonald, Labour councillor for Gleadless Valley, said Barclays Bank provided banking services since 2014 and the contract was a result of the legislation of that time.

She said: “The council will be encouraging environmental considerations and carbon reduction within all future contracts.“

Potential bidders will be advised that the council declared a climate emergency and set a target for the city to be zero carbon by 2030.”

The council has declared both a climate emergency and a nature emergency.

Alongside a ‘Pathways to Decarbonisation’ report - released earlier this year to reach ‘net zero’ city by 2030