Your Bank Might Be Funding Oil – Here’s How to Find Out (and Switch if You Need To)

 


Your Bank Might Be Funding Oil – Here’s How to Find Out (and Switch if You Need To)

(Because your savings shouldn’t drill for oil while you’re sorting your recycling)

You’ve swapped your plastic toothbrush, eat less meat, and proudly compost banana peels. But there’s a silent saboteur in your sustainability journey — your bank account.

That’s right. Your money, sitting in a savings account or ISA, might be working overtime… for fossil fuels. Many big-name banks invest billions in oil, gas, and coal — while you’re trying to go green at home.

So how do you find out what your bank is really up to? And what can you do if they’re funding the wrong side of climate change?

Why It Matters

Banks don’t just hold your money — they invest it. Often into:

  • Oil & gas exploration

  • Coal mining operations

  • Deforestation-linked agriculture

  • High-emission industrial projects

Between 2016 and 2022, the world’s 60 biggest banks pumped over $4.6 trillion into fossil fuel projects. Some UK banks appear regularly in the top 20.

Even if you live frugally and sustainably, your money could be offsetting your efforts.

How to Find Out What Your Bank Is Funding

✅ Use Transparency Tools:

  • Bank.Green – enter your bank and see their fossil fuel grade. ( Only works on USA Banks)

  • Switch It – ranks UK banks based on climate impact.

  • Look up your bank’s annual sustainability report (if you can stay awake).

✅ Search the News:

  • Some banks claim to go green while quietly increasing fossil fuel investment. Look out for credible investigations (e.g. Greenpeace, Ethical Consumer, Reclaim Finance).

✅ Ask Your Bank Directly:

  • Email their customer service and ask for a breakdown of their investment sectors. You may get fluff — but you’ll also make them notice demand for transparency.

What to Do If They’re Dirty

1. Switch to an Ethical Bank

  • Look for institutions that:

    • Don’t fund fossil fuels

    • Support green projects, cooperatives or community investment

  • Examples in the UK include:

    • Triodos

    • Ecology Building Society

    • Charity Bank

2. Move Your Pension Too

  • Ask your provider where your pension is invested. Many are fossil-heavy.

  • Consider sustainable or ESG-focused funds.

3. Tell the Bank Why You’re Leaving

  • The more they hear from departing customers, the more pressure they feel.

  • Some now offer “green” accounts — but check if they’re genuinely green, not just greenwashed.

Final Thought

Your bank might be the last thing you change on your green journey — but it could have the biggest impact.

Because in the battle against climate change, your money talks. Make sure it’s not whispering behind your back in an oil field.

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