National Trust ditches Barclays over fossil fuels

The National Trust has voted overwhelmingly to begin a tendering process for a new banking partner, signaling a departure from its current relationship with Barclays. This significant decision, supported by the charity's board of trustees, comes after years of member criticism regarding Barclays' investments in the fossil fuel industry. The new banking arrangements will require a demonstrated commitment to protecting biodiversity and addressing the climate crisis.

Campaigners hailed the vote as a crucial step, highlighting a growing demand for NGOs to align their financial relationships with their ethical standards. The National Trust has previously identified the climate emergency and nature's decline as major threats to the landscapes and properties it protects. This move reflects growing concerns about extreme weather events impacting the Trust's sites, such as a recent wildfire that devastated ancient heathland in Suffolk.

Barclays has defended its position, stating its commitment to sustainable finance and energy transition projects. However, critics dispute the scope and impact of these initiatives, pointing to reports that indicate fossil fuel entities can still access these funds. The National Trust board has indicated the tender will remain open to major UK clearing banks, citing their necessary operational scale, rather than exclusively specialist ethical banks.