National Trust votes to seek banking partner more in tune with its environment policies
Summary
The National Trust voted to begin a competitive process to choose a new banking partner, with environmental commitments included as a condition for the first time. The vote followed years of member concern about Barclays’ financing of fossil fuel expansion, though the Trust said the process would not be limited to specialist ethical banks and may not begin for at least a year.Key Facts
- The resolution passed at the Trust’s annual general meeting with support from its board of trustees.
- The vote was 53,256 in favour and 4,094 against.
- The tender process will require a prospective bank to show a positive commitment to protecting biodiversity and reducing human-caused climate change.
- Members have raised concerns about Barclays’ financing of the fossil fuel industry, including oil and gas expansion.
- The Trust has identified climate change and the decline of nature as major threats to the places in its care.
- A wildfire at Dunwich Heath in Suffolk burned 104 hectares of ancient heathland in July; campaigners estimated recovery could take 25 years.
- The Trust said the tender would not be restricted to specialist ethical banks, and insiders suggested it might not take place for at least a year.
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