UK banks will no longer finance new oil, gas, and coal expansion, according to a letter from celebrities including Stephen Fry, Emma Thompson, and Mark Rylance. The letter, sent to the CEOs of Barclays, HSBC, Lloyds, and the Royal Bank of Scotland, calls on the banks to “commit to phasing out the financing of fossil fuel extraction and power generation.” The letter states that the move is necessary to meet the goals of the Paris Climate Agreement and to ensure a sustainable future.
The letter has been signed by over 40 high-profile figures, including actors, musicians, and environmentalists. It states that “the future of our planet and the well-being of future generations depend on the immediate and urgent phase-out of fossil fuel extraction and power generation.” The letter also notes that the banking sector has a “critical role to play” in the transition to a low-carbon economy.
The letter comes in response to a report from the Rainforest Foundation UK which shows that UK banks are providing billions of pounds of funding to companies involved in fossil fuel extraction and power generation. The report, which analyzed the financing practices of the four major UK banks, found that they had provided over £22bn of financing to such companies since the Paris Climate Agreement was signed in 2015.
The celebrities’ letter also highlights the risks of continued investment in fossil fuels, including the financial risks of stranded assets and the reputational risks of being associated with climate-damaging industries. The letter calls on the banks to “commit to phasing out the financing of fossil fuel extraction and power generation, and to invest instead in renewable energy and sustainable infrastructure.”
The letter concludes by saying that “the time for action is now.” The celebrities call on the CEOs of the four major UK banks to respond to their letter within two weeks and to set out clear plans for phasing out the financing of fossil fuels. They also call on the banks to engage with their customers and stakeholders on the issue and to report publicly on their progress in phasing out fossil fuel financing.