Barclays bank customers are being encouraged to switch their accounts following a series of protests by pro-Palestine group, Palestine Action.
The group has targeted up to 20 Barclays branches across Scotland and England, targeting them with red paint and smashing windows in a bid to “demand the bank divests from Israel’s weapons trade and fossil fuels”. Activists are hoping people will take their money elsewhere to more environmentally friendly branches.
A spokesperson for Barclays responded: “While we support the right to protest, we ask that campaigners do so in a way which respects our customers, colleagues and property.”
It comes amid the Gaza Israel conflict, with many activism groups similar to Palestine Action claiming that the bank is providing funding to companies which are supplying arms and weapons to Israel’s military. Finance publication Bloomberg reports that Barclays has a “corporate banking” relationship with Israeli military-technology company Elbit Systems Ltd, a defense contractor company.
Consumer watchdog Which? has highlighted three “eco providers” for current accounts: the Co-operative Bank, Nationwide Building Society and Triodos Bank. The Co-op Bank prides itself on its policy of “our planet, our people and our communities”, refusing to provide banking services to businesses and organisations that conflict with this ethos.
Billing itself as “the original ethical bank”, the Co-op Bank is highly regarded by Ethical Consumer, a website and magazine, which awards Triodos its “best buy” status for personal current accounts. Triodos exclusively supports renewable energy, sustainable farming and social housing, and openly discloses every organisation it finances on its website, reports Birmingham Live.
Meanwhile, Nationwide is actively reducing the environmental impact of its operations and assisting customers in making their homes more energy-efficient. Nationwide has made a commitment that “every one of our branches will remain open until at least 2028”.
A spokesperson for Barclays said the bank “provides vital financial services to US, UK and European public companies that supply defence products to NATO and its allies”.
“The defence sector is fundamental to our national security and the UK government has been clear that supporting defence companies is compatible with ESG considerations,” the spokesperson added. “Decisions on the implementation of arms embargos to other nations are the job of respective elected governments.”
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