Biggest UK banks 'investing larger sums into fossil fuels'

SOME of Britain’s biggest banks contributed billions of pounds to oil and gas financing last year, while just two were found to have no exposure to fossil fuels, analysis by a consumer group has revealed.

- REBECCA SPEARE-COLE

Which? Money said consumers may not be aware that some high street lenders were investing “ever larger sums into environmentally damaging industries”.

Which?’s analysis follows research finding that the world’s biggest banks significantly increased their fossil fuel finance in 2024.

It marked a shift in direction after the financing had been decreasing over the previous years since 2021.

The top 65 lenders committed £648 billion in financing fossil fuels, the Banking on Climate Chaos report said in June.

Which?, alongside nongovernmental research groups Reclaim Finance and Global Canopy, examined the environmental policies of 16 current account providers in the UK.

It found that just two banks - the Cooperative Bank and Triodos Bank - had no exposure to fossil fuels in their banking activities, and set themselves high ethical standards.

Which? gave the two lenders an “Eco Provider” endorsement for their green credentials.