UK Banks Highlighted for Weak Green Initiatives and Significant Fossil Fuel Investments

Six major UK high-street banks have been identified as significant financiers of the fossil fuel industry, according to a report by Which? and Reclaim Finance. The banks in question are JP Morgan Chase, Santander, Barclays, HSBC, NatWest Group, and Lloyds Banking Group. The analysis highlights their insufficient environmental policies, revealing that while some banks have set emission reduction targets, they still actively fund fossil fuel projects.

JP Morgan Chase received a low score of 16% for its environmental impact, having contributed $434 billion to fossil fuel financing from 2016 to 2022. Despite this, the bank has announced an ambitious target to commit $1 trillion to green initiatives by 2030. Santander has financed $51 billion in fossil fuels during the same timeframe.

Barclays has established distinct energy targets for 2025 and has provided £87 billion in green finance since 2018. HSBC only managed a two-star rating for its policies regarding coal, oil, and gas. Meanwhile, Lloyds Banking Group and NatWest Group received scores of 40% and 43%, respectively, for their environmental initiatives.

Though NatWest has made progress in reducing its fossil fuel exposure, it still continues to finance these activities. Lloyds, while less engaged than its peers, has not fully excluded financial services for oil and gas companies.

Additionally, the study noted that TSB has an indirect link to fossil fuel financing through its parent company, Sabadell. In contrast, Nationwide Building Society, The Co-operative Bank, and Triodos Bank UK have achieved the Which? Eco Provider badge for their commitment to a net-zero future and their 2030 emission reduction targets.

This article was generated with AI assistance and reviewed by an editor.