Bank.Green Releases Groundbreaking Climate Performance Rankings for UK Banks

London, UK – 22 April 2024 – Bank Green, a volunteer-driven environmental organisation, has released a first-of-its-kind climate performance ranking of 103 of the most popular banking institutions in the UK. Their consumer-friendly ratings methodology ranks financial institutions on a scale from “Great” to “Worst.”  The group found that the financial institutions loudly marketing their climate concerns are some of the worst offenders. However, some unexpected banks have scored well due to their progressive plans for a fossil-free future. 

The performance ranking rates each bank on criteria including whether the bank lends to the fossil fuel sector, their financial support for renewable energy projects, their measurement and disclosure of financed emissions, and whether they have a clear exclusion policy for coal, oil and gas. 14 institutions in total were rated “Great,” the best ranking a bank can have, while an equal number were rated as “Worst,” a category that explains itself.  

Key Findings 

• Many of the highest scoring banks such as Triodos, The Co-operative Bank and Metro Bank have business models that preclude lending to the fossil fuel sector, or explicit policies against it. 
• Some of the dirtiest banks in the UK own brands that otherwise appear sustainable. For example, First Direct and M&S Bank are wholly owned by HSBC, one of the worst climate offenders, while Tesco is owned by Barclays, the number one fossil fuel financier in Europe. 
• Natwest and Lloyds continue to present a mixed picture. Both have a great ratio of financing renewable as compared to fossil fuels and have scored highly on other metrics, but continue to provide significant support to the fossil fuel sector.
• While many banks are ramping down their fossil fuel investments, not enough are ramping up renewable energy lending to meet the urgency of the climate crisis. Nor are they providing favourable terms for green loans, such as those for electric cars, heat pumps or other fossil-fuel reducing opportunities. 
• UK building societies that use banking partners to provide savings accounts and other services need to improve transparency regarding who those banking partners are. In some cases, we found that savings accounts were provided via banks rated “Worst.”  

“By rating all 103 major banks and building societies in the UK, Bank Green has expanded its presence as a public engagement platform for checking bank performance, advocating for change, and switching institutions,” said Zak Gottlieb, cofounder of Bank.Green. Albert Carter, cofounder of Bank Green, continued, “We are lucky to have a dedicated team of smart and effective volunteers researching these banks. We are glad to be a trustworthy source of unbiased, un-greenwashed information on which banks are moving towards a fossil-free future. Our information empowers consumers and organisations so they can make sustainable banking choices and pressure financial institutions to decarbonise.” 

Bank Green's ratings of all 103 UK banking institutions and full findings are currently live on their website. Find out who the greenest and dirtiest banks are through their League Tables. 

About Bank Green 

Founded by Zak Gottlieb and Albert Carter in 2021 and staffed by 43 passionate volunteers, UK-based nonprofit Bank Green is on a mission to accelerate banking decarbonisation. Bank Green’s bank checking tool has been used over 400,000 times since launch in April 2021. Through its users, Bank Green has successfully divested at least $30,000,000 away from unsustainable banking institutions. 

Contact 

Zachary Gottlieb 

+44 (0)203 289 7333

Media@bank.green