Ex-archbishop of Canterbury urges cathedrals to ditch banks funding fossil fuels
Dr Rowan Williams, who held the post from 2002 to 2012, said he wants to see more Church of England cathedrals switching to 'more ethically grounded banking options' after several recently committed to do so.
Durham, Southwark, Truro and Worcester Cathedrals said they would move away from banks which fund fossil fuels, joining Chelmsford, Derby and Sheffield Cathedrals, who either already bank with a fossil-free institution, or have committed to switch.
Dr Williams said: 'It is excellent news that so many cathedrals have already signalled their willingness to change to more ethically grounded banking options.
'The public profile and reputation of cathedrals remains high, even in a society that is less openly religious than it was, so the standards of vision and hope that they set matter to everyone.
'It would be wonderful to see more joining in this witness.'
His comments come as green group Christian Climate Action launches a campaign calling on cathedrals and the wider church to move away from Barclays, HSBC, Santander, Natwest and Lloyds because of their ties to fossil fuel firms.
The group has already coordinated vigils and protests outside cathedrals across the UK, including Exeter, Gloucester, Hereford, Bristol and Ripon.
Dr Stephen Edwards, the Dean of Worcester Cathedral, said its declaration of a climate emergency and its Eco Church programme focuses on 'the wider implications of the climate crisis and how we can make a difference across the Cathedral's activity'.
'We began exploring alternative banking arrangements last year and are working to seek the best ethical and sustainable approach to financial processes.
'In doing so we live out our values as a Christian organisation proclaiming the Kingdom of God.'
It comes as part of a wider trend of organisations moving to greener banks, such as The Cooperative Bank, Nationwide, Starling and Triodos.
Adam Durrant, campaign's officer at Make My Money Matter – which campaigns for green finance, said: 'It's fantastic to see even more cathedrals and churches leaving these polluting high street banks.
'They are part of a growing movement demanding better from their money, including universities, charities and medical institutions.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
2 hours ago
- Reuters
Telus offers to fully own digital unit for greater control of AI capabilities
June 12 (Reuters) - Telus ( opens new tab said on Thursday it intends to acquire the shares in its listed digital services subsidiary it does not currently own, as the Canadian telecom firm seeks greater control of the unit's artificial intelligence capabilities. The company has offered $3.40 per share to acquire the shares it does not own in Telus Digital ( opens new tab, valuing the unit at $946.8 million, according to Reuters' calculation. Telus currently holds about 57% of the digital unit's outstanding shares directly and through its other units. This is a 15% premium to the last closing price of the subsidiary's U.S.-listed stock. U.S.-listed shares of the digital unit are down more than 24% this year, severely lagging the parent company whose U.S. listing is up nearly 19% this year. The move underscores Telus' push for more control of the digital unit, which helps businesses adopt AI and develop data strategies amid a worldwide push to harness the technology. "Our proposal to fully acquire Telus Digital reflects our belief that closer operational proximity... will enable enhanced AI capabilities and SaaS transformation across all lines of our business," Telus CEO Darren Entwistle said. Telus said last month it is investing more than C$70 billion ($51.40 billion) in Canada over the next five years to expand its network infrastructure in the country, which would be focused around launching two new AI data centers. Barclays is serving as Telus' financial advisor. ($1 = 1.3619 Canadian dollars)
Daily Record
2 hours ago
- Daily Record
High street bank has important warning for anyone with a debit or credit card
The bank has issued an alert for debit and credit card holders in light of UK consumer confidence dipping A major high street bank has issued an important warning for anyone with a credit or debit card. Barclays has released a notice to all debit and credit card holders, highlighting a slowdown in spending in May. The bank, which competes with NatWest, Nationwide, Lloyds Bank, HSBC UK, TSB, and Santander, reported that consumer card spending rose by a mere 1.0 per cent year-on-year in May. This is a significant drop from the 4.5 per cent growth observed in April. The growth rate also falls short of the current CPIH inflation rate of 3.5 per cent, reports Birmingham Live. According to Barclays, consumers are "cutting back" due to dwindling confidence in their personal finances. The bank's research revealed a three-percentage-point decline in confidence in household finances, down to 67 per cent, and a four-percentage-point drop in the ability to spend on non-essential items, now standing at 56 per cent. Discretionary spending saw a modest 2.0 per cent increase, a notable decrease from the 5.1 per cent recorded in April, as nearly half (46 per cent) of UK adults expressed intentions to reduce their expenditures. Barclays' study also highlighted growing concerns in several areas, including 'shrinkflation' (up four percentage points to 82 per cent), 'streamflation', and interest rates (up three percentage points to 64 per cent). Karen Johnson, Head of Retail at Barclays, gave her thoughts as to why non-essential spending has dipped. "Consumers are clearly becoming more value-conscious as financial pressures persist, but they're still finding joy in the everyday - whether that's a small treat, a cinema trip, a garden project, or a carefully planned getaway," she said. The weather is not something Brits might consider when it comes to loosening the purse strings. But it turns out the elements play a role in our spending, and how much cash we part with at any given time. Scots enjoyed several scorchers for the majority of last month, with record-breaking sunshine and temperatures. However, despite no rain for the first 23 days of May, four weeks' worth of rain fell in just three days at the start of June, pushing it into wetter-than-average territory. "The double bank holidays in May and record sunshine will have given non-essential spending a helpful boost," Johnson noted. "But this was largely outweighed by the rainy weather in the second half of the month. "Meanwhile, longer-term uncertainty continues to shape how and where people choose to spend." The Barclays Consumer Spend report amalgamates hundreds of millions of customer transactions with consumer research to offer a comprehensive insight into UK spending. It comes as Barclays Bank is reducing its number of branches and has closed a significant number in the past few years. Branches throughout the UK, including Scotland, have disappeared, in light of changes in how people bank. Join the Daily Record WhatsApp community!
Reuters
3 hours ago
- Reuters
US weekly jobless claims steady at higher levels
WASHINGTON, June 12 (Reuters) - The number of Americans filing new applications for unemployment benefits was unchanged at higher levels last week as labor market conditions continued to steadily ease. Initial claims for state unemployment benefits held steady at a seasonally adjusted 248,000 for the week ended June 7, the Labor Department said on Thursday. Economists polled by Reuters had forecast 240,000 claims for the latest week. Claims could remain elevated, with the school year ending this month as some states allow non-teaching staff to collect benefits during the long summer holidays. Though there have been no widespread layoffs as employers hoard workers amid economic uncertainty spawned by President Donald's aggressive tariffs, the labor market is steadily losing steam. An immigration crackdown by the White House is also slowing employment gains. Nonfarm payrolls increased by 139,000 jobs in May, down from 193,000 a year ago. A lagging measure of employment, the Quarterly Census of Employment and Wages (QCEW), has suggested a much slower pace of job growth between April 2024 and December 2024 than reported in the survey of establishments from which the nonfarm payrolls data is compiled. Economists said this partly reflected reduced labor supply because of immigration restrictions imposed by former President Joe Biden's administration in mid-2024. The QCEW data is derived from reports by employers to the state unemployment insurance programs. Economists said the QCEW data raised the possibility that payrolls could be revised substantially down from April 2024 through May 2025. Much would, however, depend on the QCEW data for the first quarter. "All things considered, we think the 2025 benchmark revision is most likely to revise down job gains from April 2024-March 2025 by 800,000-1.125 million, with the range for August's preliminary benchmark announcement about 200,000 higher," said Jonathan Millar, a senior economist at Barclays. "This would trim monthly payroll gains over the benchmark period by about 65,000-95,000 per month relative to the current estimate of approximately 150,000 per month." The claims report showed the number of people receiving benefits after an initial week of aid, a proxy for hiring, increased 54,000 to a seasonally adjusted 1.956 million during the week ending May 31. Recently laid off workers are struggling to find work, though the median duration of unemployment dropped to 9.5 weeks in May after surging to 10.4 weeks in April.
