Which? the Consumers’ Association has analysed 16 UK current account providers to identify which are the worst offenders with regard to fund further expansion of coal, oil and gas production.  The seven ‘worst offenders’ were Chase (part of JP Morgan), Santander, HSBC, Barclays, Lloyds, NatWest and Danske Bank.  USS invests in all these banks with a whopping £ 95 million invested in JPMorgan Chase.

Which? goes on to describe how JPMorgan Chase, HSBC and Barclays have quit the UN-sponsored Net Zero Banking Alliance (NZBA) and that the NZBA has ‘watered down’ its ambitions to drive down carbon emissions. Providing more detail about JPMorgan Chase, Which? describes how they only exclude clients that get the majority of revenue from coal.  But this means that they still provide finance to major coal developers like Glencore who slip under the threshold. And of course USS invests directly in Glencore!

To read more see https://www.which.co.uk/news/article/eco-banks-ajebA2U8MBxR