In the Paris Agreement of 2015, world leaders pledged to stop global temperatures rising above two degrees.
To achieve this, governments and scientists are united in agreeing that we must move towards a zero carbon economy.
There is also a strong financial case for shifting away from fossil fuels - in 2016, The World Economic Forum identified the failure to tackle climate change as the biggest risk we face.
Investing in renewables helps fight climate change
UK banks manage trillions of pounds of our money. It’s up to us to be interested in how they use it.
Our research shows that the banks managing our money are still much more heavily invested in fossil fuel companies than in renewable energy companies. Our economy has been based on fossil fuels for over 100 years, so we understand that it’s not as easy as simply changing all of their loans and investments overnight.
But what is worrying is the lack of a clear plan or commitment from the banks as to how to change this current balance and scale up investments in renewables. To love our neighbours and God’s abundant planet as we’re entrusted to do requires a big shift in finances towards renewable energy.
What’s the solution?
- Banks must stop financing coal power plants. The UK government has already promised to phase out coal by 2025 – banks must follow suit.
- All banks must publish a transition plan for their organisation in order to meet the commitments of the Paris Agreement.
- Banks must publish the carbon emissions resulting from their investments and loans.