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 Barclays has never been Oxfam’s main bank, the charity said it had been considering the move “for some time” because of the financial institution’s 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.
NatWest is Oxfam GB’s main bank.