Development charity Christian Aid has cut ties with Barclays after revelations suggest the company is Europe’s largest funder of fossil fuels.

The charity, which had an income of £78.4m last year, said it is ending its relationship with the bank due to its “weak commitment” to reducing its fossil fuel financing.

The partnership between the charity and bank has lasted for eight years and has provided funding for Christian Aid, in return for positive publicity for Barclays.

However, a report has suggested that Barclay’s could be Europe’s biggest funder of the fossil fuel sector, with fossil fuel financing worth some $190bn since 2016. The same report suggests the company is the world’s seventh largest funder of fossil fuels globally.

The company also recently came under fire for its sponsorship deal with Wimbledon, which critics claimed showcased ‘sportswashing’ by attempting to cover up harmful activities by buying access to popular and sustainable brands.

“Whilst Barclays was able to provide banking services to fragile contexts, their record on fossil fuel finance, and their weak commitment to future improvements in this area meant that we had to seek a more suitable provider,” Christian Aid’s chief operating officer, Martin Birch said.

Other charities are also being called on to pull back from banks that are among the biggest financers of fossil fuels in the world.

Christian Climate Action member and Christian Aid volunteer, Rev Helen Burnett said: “There are many other charities still banking with Barclays. It's untenable that charities can say that they stand against climate change, and the suffering it means for vulnerable people around the world, while at the same time banking with the biggest funder of fossil fuels in Europe.

“If you fund climate change, you fuel climate change. Charities and other organisations that choose Barclays are choosing to fund suffering.”

A Barclays spokesperson said the company has set an ambition to become net-zero by 2050 and is “clear that addressing climate change is an urgent and complex challenge”.

“We are using our entire franchise to support new green technologies and infrastructure projects that will build up low-carbon capacity and capability, having provided over £87bn of green finance since 2018,” they said.

“We believe that Barclays can make the greatest difference as a bank by working with customers and clients as they transition to a low-carbon business model, focussing on facilitating the finance needed to change business practices and scale new green technologies. This includes many oil and gas companies that are critical to the transition, and have committed significant resources and expertise to renewable energy.

“Where companies are unwilling to reduce their emissions consistent with internationally accepted pathways, they may find it difficult to access financing, including from Barclays.”

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