The five least ethical banks and some greener alternatives...

Which banks fund fossil fuels, and why does it matter? Educate yourself on the UK's most and least sustainable banks so you can make an informed decision for your money.

When you entrust your money to a bank, it can be used to make loans to, or investments in, individuals or businesses. As a customer, you have a right to know where your money goes, (though you might not like the answer).

Did you know that in the four years after the Paris Agreement (2015-2019), global banks invested more than £2.17 trillion into the fossil fuel sector? Approximately £216 billion of this directly funds fossil fuel projects. And it doesn't stop there; many banks use unethical practices, some of which are considered human rights violations. But which banks are the worst offenders?

JP Morgan Chase

Chase bank is #1 in the world for fossil fuel financing, investing over £348 billion into the industry since 2016. JP Morgan Chase was the world's first funder of fossil fuels, is the largest supporter of the industry's expansion, and was the first bank to fund Amazon's Oil and Gas extraction, which has driven high deforestation rates.

Barclay's

Barclay's Bank is #1 in Europe for fossil fuel financing, funneling £153 billion into coal, oil, and gas since 2016, supporting the rapid acceleration of the climate crisis.

HSBC (Including First Direct)

HSBC is Europe's biggest financer of coal power and has funneled £116 billion into coal, oil, and gas since 2016. What's more, the bank also has a poor record for supporting deforestation.

At the beginning of 2023, HSBC was found to be complicit in human rights abuses against Hong Kong residents by siding with Chinese authorities and denying pension payouts to those who fled the authoritarian crack down.

Lloyds Bank

Lloyds has invested £12.1 billion into the fossil fuel industry since 2016. In 2022, the bank pledged to stop financing fossil fuel projects but made no such promise for fossil fuel companies. And, while they've stopped funding oil rigs directly, they're still supporting other companies who may do this work.

Santander

Santander has invested £41.1 billion since 2016. They're #7 in Europe for financing fossil fuel expansion.

Natwest

NatWest has historically funded the fossil fuel industry, investing £13.24 billion between 2016 and 2022. However, in early 2023, they announced that they would stop funding new customers looking to finance fossil fuel projects and will eradicate such funding for existing companies by the end of 2025. Finance low-carbon energy sources instead.

The Good Guys

According to Bank Green, the following big-name banks have a clear conscience when it comes to sustainability and financing the fossil fuel industry, so you can save your conscience with them as well as your money.

• 1. Monzo
• 2. Nationwide
• 3. Co-operative Bank
• 4. Starling Bank

Check the status of your bank by visiting https://bank.green/

The above information is for guidance only and forms only part of the consideration in choosing a bank. Before deciding who you bank with, do your own research to find the company that works best for you (and beware of any attempted greenwashing).

Boycotting unethical banks is only part of the solution; why not contact your bank and join the growing movement of consumers demanding a defunding of fossil fuels? Some banks also allow you to choose where your money is invested, so if you don't want to jump ship completely, see if you can opt for your money to be invested in sustainable projects instead.