The College of Cambridge is contemplating reducing ties with Barclays and Lloyds over the banks’ fossil gas hyperlinks, it has been reported.
Leaked paperwork are stated to disclose that Cambridge might ditch the banks ‘as a part of a concerted effort… [of] placing stress on the foremost UK banks to enhance their practices’.
The minutes from a council assembly on the college’s King’s Faculty, obtained by The Telegraph and pupil newspaper Varsity, revealed it’s seeking to determine potential alternate options by the beginning of the following tutorial 12 months.
The revelation means Barclays’ prestigious place because the college’s financial institution of greater than 200 years might come to an finish.
It comes after Barclays introduced final week it will not sponsor Latitude, Obtain and Isle of Wight festivals after a number of acts dropped out in protest to the financial institution’s hyperlinks to defence firms supplying Israel.
The College of Cambridge is contemplating reducing ties with Barclays and Lloyds over the banks’ fossil gas hyperlinks
The revelation means Barclays’ prestigious place because the college’s financial institution of greater than 200 years might come to an finish
The Telegraph reported there had been 24 respondents and 14 proposals which might be ‘in a position to transfer ahead to the following stage of analysis’ after Cambridge made a call-out to seek out alternate options to Barclays and Lloyds.
The doc claimed that ‘the main focus of the tender was on financial institution financing of fossil fuels specifically – however was a extra normal warning to the foremost banks that many establishments would possibly withdraw their enterprise if a extra moral method was not adopted’.
The College of Leeds switched to Lloyds financial institution in September 2023, saying it had the ‘lowest fossil gas investments of any of the foremost UK banks’.
A Which? report in October 2023 discovered is ‘publicity to fossil fuels is minor in contrast with’ different banks.
Anthony Odgers, Cambridge’s chief monetary officer, stated on the college’s Banking Engagement Discussion board web site: ‘What we and our companions are centered on with this mandate is discovering monetary providers merchandise that don’t contribute to the growth of fossil fuels – specifically, new coal- and gas-fired crops which lock in demand for many years.’
It was revealed by the Monetary Instances in December that Cambridge was eyeing up a brand new financial institution to handle ‘a number of hundred million kilos’ of its money and cash market funds amid workers and college students lobbying for a greener lender.
The newspaper reported the mandate would cowl £200million in belongings and generate about £10million in charges a 12 months.
College students have been piling stress on to campus bosses for them to axe their ties with the financial institution with a slew of sit-in protests outdoors King’s Faculty
In Might, they arrange tents, gazebos and sleeping baggage on the entrance garden in protest towards ‘Israel’s genocide of Palestinians in Gaza’
Protesters paint indicators as they stage demonstrations on their college lawns, echoing comparable encampments seen within the US
College students have been piling stress on to campus bosses for them to axe their ties with the financial institution with a slew of sit-in protests outdoors King’s Faculty.
In Might, they arrange tents, gazebos and sleeping baggage on the entrance garden in protest towards ‘Israel’s genocide of Palestinians in Gaza’.
Cambridge for Palestine stated it should ‘not transfer’ from the encampment till the college agrees to 4 calls for together with disclosing monetary ties with complicit organisations and defending college students in danger.
Final week, Barclays sponsorship was suspended for all Stay Nation music festivals in 2024 amid a rising boycott of the banks.
Bands Boycott Barclays (BBB), the group behind the protest, has claimed it has 700 artists and trade professionals behind it, together with nation singer CMAT, steel band Ithaca and comic Joanne McNally.
Last month, Barclay’s annual shareholders’ assembly was disrupted by activists protesting towards its alleged oblique hyperlinks to violence in Gaza.
The financial institution had stated the week earlier than that it didn’t make investments its personal cash in firms that offer weapons utilized by Israel in Gaza.
And earlier this month pro-Palestine protesters focused Barclays banks throughout the nation, smashing home windows and hurling pink paint.
As much as 20 branches had been hit in an organised assault by Palestine Motion and Shut The System – an underground local weather motion.
A department in Bristol was left with all its home windows shattered and pink paint splashed over the Barclays signal.
Final week, all of the home windows of the Barclays department within the centre of Bristol had been smashed and graffiti sprayed over them in a co-ordinated assault by a bunch concentrating on the financial institution
‘The protestors’ agenda is to have Barclays debank defence firms which is a sector we stay dedicated to as a vital a part of preserving this nation and our allies secure,’ stated the financial institution’s spokesperson
Barclays sponsorship was suspended for all Stay Nation music festivals in 2024 amid a rising boycott of the banks
Barlcays is not going to sponsor Latitude, Obtain and Isle of Wight festivals after a number of acts dropped out in protest to the financial institution’s hyperlinks to defence firms supplying Israel
Rocks inscribed with the names of Palestinians killed within the battle between Israel and Hamas had been thrown at home windows in Edinburgh.
A spokesman for King’s Faculty stated: ‘We don’t touch upon draft inside paperwork.
‘We stay firmly dedicated to making sure the faculty’s continued monetary stability in assist of our excellent atmosphere for educating and analysis, and can announce any new developments sooner or later.’
A Barclays spokesman stated: ‘Barclays is dedicated to financing an power sector in transition.
‘Alongside financing present power wants, we’re working with power firms to construct the clear power system of tomorrow, with a goal to offer $1 trillion of sustainable and transition finance by 2030. Since 2020, our financed emissions for the power sector have lowered by 44 per cent, exceeding our 2030 goal.’
A Lloyds Banking Group spokesman advised MailOnline: ‘We’re a longtime lender to the upper training sector and know that clear sustainability targets proceed to be essential to lots of our shoppers, together with universities.
‘We’re proud that each college that switched accounts final 12 months determined to modify to Lloyds.’
MailOnline has contacted College of Cambridge and Barclays for additional remark.
