Proactive Investors - Lloyds Banking Group PLC (LON:LLOY), Barclays PLC (LON:BARC) and Banco Santander (BME:SAN) are among the UK’s least eco-friendly banks, a Which? report has found.
According to the consumer group, the trio are among the six worst offenders when it comes to environmental policies and financing the fossil fuel industry.
Lloyds, though less exposed to the industry than peers, is yet to lay out plans for how it will diversify away from companies looking to expand oil and gas operations, Which? explained.
The Halifax and Bank of Scotland-owner provided US$15.06 billion for the industry between 2016 and 2022.
This was significantly less than Santander’s US$51.17 billion, with the bank being slated by the consumer group over its stance on fossil fuels and polluting commodities.
Barclays took top stop in terms of funding for fossil fuels, having provided US$190.58 billion in the six years to 2022.
However, its aims of transitioning away from the industry, alongside some US$87 billion worth of green finance since 2018, was worth noting, Which? said.
“Several UK high street banks are among the worst culprits when it comes to financing fossil fuels,” Which? continued.
HSBC Holdings PLC (LON:HSBA), NatWest Group PLC (LON:NWG) and JPMorgan Chase & Co (NYSE:JPM) were also among the lowest scorers in terms of their environmental credentials and fossil fuel spending.
Nationwide Building Society (LON:NBS), The Co-operative Group Bank and Triodos Bank were the three greenest in the UK meanwhile, Which? said.
“Seven years on from the Paris Agreement [...] the 60 largest banks worldwide ploughed US$669 billion into the fossil fuel industry in 2022 alone,” the group added.
“It's natural to think about where you spend your money.”