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Holding Barclays to account

Posted by Fiona Nicholls - 16th July 2018

Toxic tar sands pipelines don’t just happen – they need funding, serious amounts of funding. And that money comes -in part at least- from banks, like Barclays…

It’s kind of a simple story, really, big projects need big money – without finance from banks, it’s really tough for companies to build new pipelines. No money = no pipelines, no pipelines = safer communities, safer water, and good news for the climate.

Did you know Barclays is now
the only UK bank still choosing to fund toxic tar sands pipelines? Barclays are way out on a shaky limb (even HSBC have  ruled out  bankrolling future tar sands pipeline projects) and we’re calling on Barclays not to fund similar projects in the future.

By potentially pouring money into these dirty pipeline projects,
Barclays are making some unsettling choices.  They are choosing to profit from pipelines which will threaten Indigenous communities, accelerate climate change,  and put water supplies and endangered species like the Southern Resident Orcas at a huge risk.

Indigenous communities in North America live in the path of all three tar sand pipelines that snake their way across the countryside. The water supplies, livelihoods and culture of these communities are all at risk. Many Indigenous people have been fighting against the construction of these pipelines for years, and you can
add your voice to stand alongside theirs.

We have the opportunity to shape Barclay’s whole position on these climate wrecking pipelines. Right now, Barclays are writing their new climate policy – so it’s of particular importance that they hear the concerns of the public and their customers while they do it. It’s critical that Barclay’s commit to stopping all funding for current tar sands pipelines and to write into their own policy that they won’t fund similar projects in the future.

Is it just Barclays that fund tar sand pipelines? No, a group of international banks we call the Dirty Dozen still finance toxic tar sands pipelines, and Barclays is among them. You can read more about the Dirty Dozen, here.

We’re demanding that Barclays and the rest of the Dirty Dozen commit to not providing any financial support the company behind the controversial Dakota Access pipeline (DAPL), and to stop funding these toxic tar sands pipelines. Full stop.

Bad for business

The question isn’t “if” but “when” there will be an oil spill.  Pipeline leaks and spills are a well documented risk. Since 2010, there have been nearly 400 oil spills from the three companies planning major pipelines through North America. Which means Barclays are putting their money into a leaky pot (or pipe), and putting their reputation on the line each day they choose to continue funding them.

Barclays are a big name with branches on nearly every UK high street, and many of us will bank with them or know someone that does. But we should expect more from this household name, and will persist in speaking out against Barclays funding these toxic tar sands pipelines. You can join the campaign, stand with Indigenous communities and help protect our shared planet for generations to come by signing the petition, here.

Article Tagged as: Featured, Tar Sands

About Fiona Nicholls

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Twitter: @fifinicholls Instagram: @fifinicholls35mm