We write as Buddhists and sangha members to invite your Dharma centre to join the campaign to extend Buddhist principles of compassion and non-harming into your choice of bank.

Many high street banks are major financiers of the coal, oil and gas projects which are directly responsible for the climate crisis. In 2022 alone, the five big UK high street banks (Barclays, HSBC, Santander, Lloyds, and NatWest) provided $37 billion of financial support to fossil fuel companies [1]. These banks are also lending to companies involved in a range of other unethical and destructive activities such as nuclear weapons, single-use plastics, old-growth forest clearance and associated human rights abuses, and poor workers’ rights.

In banking with these banks, faith institutions provide them with financial power and the ‘social licence’ to continue their unethical activities even in the face of opposition from shareholders and activist groups. On the other hand, through explicitly cutting ties with these banks, institutions such as yours can exert a powerful influence. There are many alternative banks to choose from whose lending and investment policies exclude harmful practices and often actively benefit communities and the planet; for example, Charity Bank, Co-op Bank and Nationwide.

We are sure that you are aware of the critical urgency of the climate and ecological crisis. July 2024 was the globe’s 14th month in a row of record warmth, and the latest UN Environment Programme reported that current policies put the world on track for a disastrous 2.9C of warming by 2100 [2].

In 2015 an open letter entitled ‘The Time to Act is Now A Buddhist Declaration on Climate Change’, [3] signed by 65 notables from across the spectrum of Buddhist traditions stated that:

‘There has never been a more important time in history to bring the resources of Buddhism to bear on behalf of all living beings... We have a brief window of opportunity to take action, to preserve humanity from imminent disaster and to assist the survival of the many diverse and beautiful forms of life on Earth. Future generations, and the other species that share the biosphere with us, have no voice to ask for our compassion, wisdom, and leadership. We must listen to their silence. We must be their voice, too, and act on their behalf.’
For the Mindful Money campaign, Extinction Rebellion Buddhists are working with Tipping Point’s ‘Bank Better’ to offer support, discussion and information to organisations such as yours, on the process of moving money from unethical banks to banks which are more aligned with Buddhist values.

We ask you to please support this campaign.

If your centre needs information, help to move away from your current bank or advice on which bank to move to, or to attend a presentation on ethical banking, please contact: joseph.mishan@phonecoop.coop
or have a look at: Bank Account Switching for Buddhist Organisations
https://tinyurl.com/4rnubak8

With deep respect
The undersigned:

[1] See Make My Money Matter for information and ethical scoring on banks
https://tinyurl.com/mtpeas3s

[2] See: UNEP ‘New climate pledges need ‘quantum leap’ in ambition to deliver Paris goals’ https://tinyurl.com/2y7szpja

[3] See The Time to Act is Now
A Buddhist Declaration on Climate Change May 14, 2015

https://tinyurl.com/2zb5554h