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The National Trust has voted overwhelmingly to seek a new banking partner in a significant victory for members who have long argued that its relationship with Barclays conflicted with its commitment to protecting the natural world. The resolution was passed at the charity’s annual general meeting on Saturday with the backing of its board of trustees, instructing the organisation to begin a competitive tendering process for its banking arrangements.
Environmental Criteria for New Bank
The upcoming tendering process will centre on the condition that the new bank demonstrates a positive commitment to protecting biodiversity and reducing the human-induced climate crisis. Campaigners noted that the result, which saw 53,256 votes in favour and 4,094 against, sent a clear message that charities should apply identical environmental standards to their financial relationships as they do to their investments and suppliers.
Despite supporting the vote, the National Trust added a qualifying note. Sandy Nairne, deputy chair of the board of trustees, warned that the ballot outcome provides the board with an important indication of members’ views, but remains non-binding on the trustees. Nairne stated that the trustees will carefully consider the result alongside the discussion heard during the meeting as part of their future decision-making.
Drew James, a proposer of the resolution and a member of Christian Climate Action, described the result as a highlight of a profound shift in NGO accountability. James added that civil society looks to charities, universities, and faith groups to sever ties with financial institutions failing to match their ethical standards.
Pressures and Conservation Challenges
The move follows years of pressure from members concerned about Barclays’ financing of the fossil fuel industry. The bank has faced criticism for supporting oil and gas expansion, including fracking and methane gas infrastructure. Meanwhile, the National Trust has repeatedly identified the climate emergency and the decline of nature as the greatest threats to landscapes, wildlife, and historic properties in its care.
The vote coincided with the trust facing mounting consequences of extreme weather across its portfolio. A wildfire at Dunwich Heath in Suffolk in July destroyed 104 hectares of ancient heathland, with campaigners estimating the damage would take 25 years to recover. Other trust properties have faced flash flooding, prolonged drought, and increasingly severe weather.
James highlighted that the relationship with Barclays was difficult to reconcile with the trust’s public position on the climate crisis, pointing to comments made by the trust’s chief executive at a Labour party conference seminar identifying keeping fossil fuels in the ground as the most significant response to climate breakdown. James stated that while the trust makes these declarations, its bank undermines the conservation mission by channelling billions of dollars into fossil fuel expansion.
Supporters of the resolution argued that the association with Barclays was inconsistent with the National Trust Act 1907, which established its duty to preserve historic places and natural beauty for the nation. They also noted the trust’s previous advice encouraging the public to bank ethically.
Tender Scope and Bank Response
The National Trust clarified that the tender will not be restricted to specialist ethical banks. In a supporting statement, the board stated the tender must remain open to major UK clearing banks because no specialist ethical provider currently possesses the cash handling capability, lending capacity, payments infrastructure, and operational scale required to support an organisation of the trust’s size and complexity.
Barclays defended its relationship with the National Trust and its broader approach to energy sector financing. A Barclays spokesperson stated that it is a privilege to support and bank the National Trust and that the bank values their engagement on these topics. The spokesperson added that as a leading energy financier, the bank recognises the interconnectedness of economic growth, energy security, affordability, and decarbonisation, having facilitated more than $300bn in sustainable and transition finance over the past three years.
However, campaigners disputed the significance of the $300bn fund, pointing to Barclays’ latest annual report indicating that fossil fuel entities can access it if money is not designated directly for oil and gas activity. James stated this means a reduction in carbon intensity, such as switching from tar sands extraction to natural gas, could qualify for sustainability backing even if it results in a net increase in total carbon emissions.
Conversely, Restore Trust, a group of National Trust members, argued the vote shows the organisation is straying from its core purpose. Cornelia van der Poll, chair of the group, called the vote a distraction from the trust’s charitable purpose of properly maintaining all historic buildings and countryside in its care.
Insiders suggested that the tendering process will not take place for at least a year.
