#5 in the UK for fossil fuel financing.
Your money is being used to fund the climate crisis at an alarming rate.
Your bank is one of the 60 biggest funders of fossil fuels in the world*. In the 7 years since the Paris Agreement, the banks in this category have funneled $5.5 trillion into coal, oil, and gas, rapidly accelerating the climate crisis.
While you’ve been stashing away money for a car or a weekend get-away, Lloyds Bank has been using your savings to lend to some very questionable fossil fuel friends.
And it's not just a little here and there, we’re talking about $ 15.1 billion USD in the 7 years since 197 countries agreed to drastically reduce their greenhouse gas emissions in the Paris Agreement.
In October 2022, Lloyds pledged to stop financing fossil fuel projects but made no such promise for fossil fuel companies.This means that Lloyds may stop financing some oil rigs in regions like the Arctic ocean or Antarctica territories, but will still finance companies whose whole purposes is building and operating oil rigs in exactly those same places. Banks like Lloyds sometimes use projectdivestment pledges like these as a first half-step to more meaningful commitments but they have no material impact. The British bank must now address the issue of oil and gas expansion more broadly, by extending its exclusion scope to all financial services for companies with expansion plans.
The Paris Agreement set the goal to stay under 1.5°C of warming for very good reasons. According to the Intergovernmental Panel on Climate Change, an increase of just a couple of degrees more could lead to "substantial species extinction, large risks to global and regional food security", and an inability to work outside — or even live — in some areas of the world. Our world will become unrecognizable as ocean dead zones, floods, and extreme weather fuel social and economic disruption.
Banks live and die on their reputations. Mass movements of money to fossil-free competitors puts those reputations at grave risk. By moving your money to a sustainable financial institution, you will:
Send a message to your bank that it must defund fossil fuels
Join a fast-growing movement of consumers standing up for their future
Take a critical climate action with profound effects