Extinction Rebellion calls for university to cut ties with bank

An environmental group has launched a campaign demanding the University of Bristol cuts ties with Barclays Bank.

Extinction Rebellion Bristol is questioning why the university still does business with the bank, calling it one of the biggest financiers of fossil fuels globally.

The group says the university’s relationship with the bank is in contrast to its own commitments to carbon neutrality, having been the first in the UK to declare a climate emergency in 2019.

The university uses Barclays to manage millions of pounds in student fees, research funding and staff salaries every year, despite withdrawing its investment in fossil fuels in 2018.

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Read more: Bristol University to go fossil free

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Bristol University student, Kit, 20, supports divestment from Barclays, saying: “Against the will of students, the university continues to bank with Barclays who can leverage student money to fund climate destroying fossil fuel projects.

“This is despite the university’s commitment to divest from all fossil fuel ties, and demonstrates a willingness from the university to compromise the very future they claim to provide us with.”

Senior lecturer and Extinction Rebellion Bristol activist, Claire Gronow, added: “It’s really embarrassing to know that my salary is being processed through this bank.

“While I realise that it might be hard for the university to switch banks, surely now is the time to start doing the hard stuff.

“The university has addressed some low hanging fruit around its own domestic carbon emissions, but we all know that money talks, and it’s time to show real leadership and commitment.”

Extinction Rebellion Bristol is demanding the University of Bristol cuts ties with Barclays Bank – photo: Martin Booth

On Wednesday, Extinction Rebellion activists were on campus asking students and staff to write to the vice-chancellor, Evelyn Welch, to switch to a more ethical bank.

Neil Bee, Extinction Rebellion spokesperson, commented: “By ditching Barclays, the University of Bristol can send a clear message that continuing to support fossil fuel production is unacceptable. Quite simply, our future is so much better without fossil fuels.

“The future is safer, fairer, healthier, and happier without fossil fuels, and we call on the University of Bristol to lead us to that future.”

Barclays has been ranked seventh in the world among banks for their financing of fossil fuels since the Paris Agreement, pouring more than $190bn (about £156bn) into the industry between 2016 and 2022.

Peter Vermeulen, chief financial officer at the University of Bristol said: “We take our climate commitments seriously and reflect that in all the actions we take.

“For that reason, we have divested the university’s investments from fossil fuels and continue to actively engage with our major suppliers, including banks to see where positive improvements and changes can be made.

“I, like many others, am disappointed in Barclays’ climate performance, and that they only put a serious climate plan in place in 2020.

“In my previous role I actively engaged with Barclays on their lack of progress in this area and witnessed improvement.

“More needs to be done and for that reason, since joining the University of Bristol this summer, I will step that up even further, with university, staff, and student representatives involved in this.”

A Barclays spokesperson told Bristol24/7 it does not not comment on individual client relationships.

The spokesperson said: “Aligned to our ambition to be a net zero bank by 2050, we believe we can make the greatest difference by working with our clients as they transition to a low-carbon business model, reducing their carbon-intensive activity whilst scaling low-carbon technologies, infrastructure and capacity.

“We have set 2030 targets to reduce the emissions we finance in five high emitting sectors, including the Energy sector, where we have achieved a 32 per cent reduction since 2020.

“In addition, to scale the needed technologies and infrastructure, we have provided £99bn of green finance since 2018, and have a target to facilitate $1trn in Sustainable and Transition financing between 2023 and 2030.”

At the start of 2023, Extinction Rebellion also gathered outside Barclays in Broadmead to protest the bank’s investment in fossil fuels.

Main photo: Extinction Rebellion Bristol 

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