Dear CEO Chris Askew OBE and Chair of Council Professor Kamila Hawthorne MBE,

We are writing on behalf of RCGP members and colleagues who strongly believe that the RCGP should move their bank accounts from Barclays to an ​​ethical and sustainable bank, in line with the core values of the majority of GPs.

Where the College puts its money is one of the most critical choices it can make when it comes to combating the climate crisis and biodiversity loss. From your Strategic Plan, we know that responding to the climate emergency is one of your four organisational priorities and that a key purpose of RCGP is to “promote the best possible quality of health and healthcare for the population”, including the most vulnerable [1]. You will know, we are sure, that the World Health Organisation has called the climate crisis “the single biggest health threat facing humanity” and that it is the most vulnerable who are being affected first [2].

While we recognise and support your decision from 2019 to declare a climate emergency, disinvest from fossil fuels and move your investments to a sustainable fund, we believe that banking with Barclays in this day and time is ethically unjustifiable for an organisation that works towards the health and well-being of everyone.

Barclays tops the list of climate offenders for fossil fuel finance. The International Energy Agency’s Net Zero by 2050 Roadmap [3] shows that we cannot continue to pursue new oil, gas or coal expansion if we want to limit global warming to 1.5°C. Despite this, between 2016 to 2021, Barclays financed £133 billion into the fossil fuel industry [4]. This was more than any other European bank, earning them the title of ‘Europe’s dirtiest bank’ [5].

In addition to bankrolling climate catastrophe, Barclays has come under fire for a range of ethical concerns including human rights, workers’ rights, funding nuclear weapons manufacture, arms and military supply, political activities, anti-social finance and tax conduct [6]. Breaking ties with banks financing injustice sends a powerful political message in line with the College’s values.

Lastly, as governments begin to take more far-reaching climate action, investments in fossil fuels are expected to become increasingly financially risky and eventually may become stranded assets [7].

In terms of CO2 savings with the RCGP having approximately £4,603,000 in the Barclays account as per your 2022-2023 annual report, the banking carbon footprint is around 1,058.69 tonnes of CO2 per year, which is the same as flying from London to Rome 10,083 times (28 flights every day) [8]. In contrast, banking with an ethical bank such as the Co-operative bank would generate 138.09 tonnes of CO2 per year - substantially less [9].

Every day that the College continues to bank with Barclays is another day that members’ money is funding harm. Limiting global heating to 1.5°C is already on a knife edge; every extra tonne of CO2 matters. Moving to an ethical and sustainable bank is an achievable, impactful and financially sensible action that RCGP can take.

Whilst you must do your due diligence when considering this decision, we ask that this be made an absolute priority. It would continue the impressive sustainability work of the College and would boost the morale of members. It would be a powerful catalyst for achieving positive and lasting societal change and it would ensure the College is playing its part in securing a liveable future for us all.

Lastly, if it is agreed that the College will move its’ funds, we ask that you make a public statement highlighting this, to encourage other health institutions to do likewise.

Kind regards,

Dr Christelle Blunden MRCGP
Professor Hilary Neve MRCGP

References

[1] RCGP Strategic Plan 2023-2026. https://www.rcgp.org.uk/about#strategy

[2] World Health Organisation. https://www.un.org/sites/un2.un.org/files/2021/08/fastfacts-health.pdf

[3] International Energy Agency, Net Zero by 2050: A Roadmap for the Global Energy Sector.
https://www.iea.org/reports/net-zero-by-2050

[4] Banking on Climate Chaos, Fossil Fuel Finance Report 2022. https://www.bankingonclimatechaos.org//wp-content/themes/bocc-2021/inc/bcc-data-2022/BOCC_2022_vSPREAD.pdf

[5] Artists hijack billboards to protest the greenwashing of 'Europe's dirtiest bank'.
https://www.euronews.com/green/2021/09/22/artists-hijack-billboards-to-protest-the-greenwashing-of-europe-s-dirtiest-bank

[6] Ethical Consumer, Barclays Plc. https://www.ethicalconsumer.org/company-profile/barclays-plc

[7] Semieniuk G, Holden PB, Mercure JF, Salas P, Pollitt H, Jobson K, Vercoulen P, Chewpreecha U, Edwards NR, Viñuales JE. Stranded fossil-fuel assets translate to major losses for investors in advanced economies. Nature Climate Change. 2022 Jun;12(6):532-8. https://www.nature.com/articles/s41558-022-01356-y

[8] Annual report and accounts 2022-2023. https://www.rcgp.org.uk/getmedia/bbed393d-8605-4794-95f6-14e856b89510/annual-report-accounts-2023.pdf

[9] MotherTree money carbon calculator https://www.mymothertree.com/

Further information on fossil fuel financing:
https://bank.green/banks/barclays
https://www.bankingonclimatechaos.org
https://portfolio.earth/campaigns/bankrolling-extinction/
https://www.greenpeace.org.uk/news/barclays-banks-climate-change-fossil-fuels/
https://reclaimfinance.org/site/en/2023/01/17/throwing-fuel-on-the-fire-gfanz-members-provide-billions-in-finance-for-fossil-fuel-expansion/
https://bankonourfuture.org/news/banks-green-funding/
https://influencemap.org/report/Finance-and-Climate-Change-17639
https://sharklays.co.uk/Home/Facts
https://makemymoneymatter.co.uk/