Which? Money, in collaboration with Reclaim Finance and Global Canopy, assessed the environmental policies of 16 UK current accounts providers and found that several large lenders funded fossil fuels to a substantial degree last year, while only two met high ethical standards. The Co-operative Bank and Triodos Bank were recognised for having no fossil-fuel exposure in their banking activities, earning Which? Money’s Eco Provider endorsement. Triodos was noted for publishing its full loan portfolio so customers can see where money is spent.

Seven banks were identified as major fossil-fuel financiers: Barclays, JPMorgan Chase, Danske Bank, HSBC, Lloyds, NatWest and Santander. The analysis said JPMorgan Chase’s coal, oil and gas policies enable some firms to expand fossil-fuel operations, and that it relaxed deforestation safeguards for certain companies. The Banking on Climate Chaos 2024 report named JPMorgan Chase as the world’s largest fossil-fuel financier, with about $53.5 billion committed to fossil-fuel companies in that year. The top 65 lenders overall committed about $869 billion to fossil-fuel financing in 2024 (roughly £648 billion), according to the report published in June.

Barclays and HSBC were criticised for increasing fossil-fuel lending last year, despite public commitments to clean energy. Barclays said many economies still rely on conventional energy as they transition to renewables, and it reaffirmed its target to become net zero by 2050. Santander said it supports clients in the transition to a low-carbon economy and has financed renewable energy capacity for decades. The analysis also noted that Lloyds and NatWest were less active in fossil fuels than some peers but still backed billions and provided clearer reporting.