A damning open letter condemning Barclays and four other banks funnelling billions into fossil fuels greeted readers of the Financial Times this week, while celebrity-led coverage of the Make My Money Matter (MMMM) campaign behind it invited the wider public to add their names alongside signatories from climate science, conservation, politics, entertainment and more. Despite the greenwash of recent years, still only a tiny fraction of Barclays’ investments in energy went to low-carbon or renewables – so MMMM are calling on Barclays customers sign the letter telling their bank to change, or risk losing their business.
Coming shortly after a huge national day of public protests against the bank, this campaign will further ratchet up the pressure on Barclays and increase the risk of real reputational damage. As more and more demand credible environmental policies – particularly the sought-after younger customers – which major UK bank will be first to follow major banks elsewhere in ruling out financing fossil-fuel expansionists, and divert customers from the others?