In a result that surprised approximately no one who has been paying attention, the National Trust has voted overwhelmingly to find a new banking partner, because apparently "we protect nature" and "our bank funds fossil fuels" was getting awkward to say in the same sentence. The resolution passed at Saturday's annual general meeting with 53,256 votes for and 4,094 against, instructing the charity to begin a competitive tendering process for its banking arrangements.
The tender will, for the first time, require the new bank to demonstrate a positive commitment to protecting biodiversity and reducing the human-induced climate crisis. Campaigners called the result a message that charities should apply the same environmental standards to their financial relationships as they do to their investments and suppliers. Others noted the tendering process won't take place for at least a year, which is a bit like winning a vote to start thinking about maybe doing something later.
Despite backing the vote, the National Trust's board sounded a qualifying note. Sandy Nairne, deputy chair of the trustees, warned: "The outcome of the ballot provides the board with an important indication of members' views, but it is not binding on the trustees." He added that trustees will "carefully consider" the result alongside discussions from the day. In other words: message received, no promises.
Drew James, a proposer of the resolution and member of Christian Climate Action, called it "a profound shift in NGO accountability," noting that civil society looks to charities, universities, and faith groups to sever ties with financial institutions failing to match their ethical standards. The move follows years of pressure over Barclays' financing of the fossil fuel industry, including support for oil and gas expansion, fracking, and methane gas infrastructure, while the Trust has repeatedly identified the climate emergency and nature's decline as the greatest threats to the landscapes, wildlife, and historic properties in its care.
The vote comes as the Trust faces mounting consequences of extreme weather across its portfolio. A wildfire at Dunwich Heath in Suffolk in July destroyed 104 hectares (256 acres) of ancient heathland, with campaigners estimating recovery will take 25 years. Other properties have faced flash flooding, prolonged drought, and increasingly severe weather. James said the Barclays relationship was particularly difficult to reconcile with the Trust's public position, pointing to comments by the chief executive at a Labour party conference seminar identifying keeping fossil fuels in the ground as the most significant response to climate breakdown. "Meanwhile our bank, Barclays, undermines our conservation mission by channelling billions of dollars into fossil fuel expansion," he said.
Supporters argued the association was inconsistent with the Trust's responsibilities under the National Trust Act 1907 to preserve places of historic interest and natural beauty. They also noted the Trust's previous advice encouraging the public to bank ethically. "It is contradictory for the organisation to hold its own banking provider to a lower standard than its suppliers and investment portfolio," James said.
However, the Trust made clear the tender won't be restricted to specialist ethical banks. The board's supporting statement said the tender "must remain open to the major UK clearing banks," adding that "while some members may understandably aspire to the use of a specialist ethical bank, the evidence presented to the board of trustees indicates that no such provider currently has the combination of cash handling capability, lending capacity, payments infrastructure and operational scale required to support an organisation of the Trust's size and complexity." In short: ideals are lovely, but someone has to process the membership fees.
Barclays defended its relationship with the Trust and its wider approach. A spokesperson said: "It is our privilege to support and bank the National Trust and we value their engagement on these important topics. As a leading energy financier, we recognise the interconnectedness of economic growth, energy security and affordability and decarbonisation to meet society's needs. Over the past three years, we have facilitated more than $300bn (£225bn) of sustainable and transition finance, including billions for cleaner energy projects here in the UK, and invested millions into climate tech." Campaigners, however, dispute the significance of the $300bn, pointing to Barclays' latest annual report stating that fossil fuel entities can access it provided the money isn't designated directly for oil and gas activity. "This means that a reduction in carbon intensity, such as a switch from tar sands extraction to natural gas, could qualify for sustainability backing even if it results in a net increase in total carbon emissions," James said.
Restore Trust, a group of National Trust members, said the vote shows the organisation is straying from its core purpose. Chair Cornelia van der Poll called it "a distraction from the National Trust's charitable purpose of properly maintaining all the historic buildings and countryside in its care." Because nothing says "properly maintaining historic buildings" like ignoring the climate crisis that's increasingly damaging them.