Oxfam drops Barclays over its ‘continued financing of fossil fuels’

The charity says it has stopped using the bank’s foreign exchange services and will withdraw all funds held with it

Oxfam GB's head office in Oxford

Oxfam GB will stop using financial services provided by Barclays because of the bank’s “continued financing of fossil fuels”, the charity has said. 

Oxfam, which has used services provided by the bank for about 15 years, said it wrote to Barclays in December to say it would stop using its foreign exchange services with immediate effect and to give it notice that it would withdraw all funds held with it. 

Although Oxfam uses NatWest as its main bank, the charity said it had been considering withdrawing from Barclays “for some time” because of its record on climate change. 

A report last year found that Barclays spent about £150bn financing fossil fuels between 2016 and 2022. 

An Oxfam GB spokesperson said: “Through our work with communities around the world, we see firsthand the injustice of the climate crisis which is destroying homes, livelihoods and lives on an unprecedented scale. 

“We decided that the extent of Barclays’ continued financing of fossil fuels was such that, where possible, we should move our business elsewhere.”  

The charity said that for the time being it would continue to use Barclays for processing retail sales made online, in its shops and at festivals. 

- This article was updated on 1 February to correct a reference to Oxfam never using Barclays as its main bank

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