National Trust Approaches to Seek New Banking Partner Aligned with Environmental Priorities

The National Trust has voted overwhelmingly to seek a new banking partner, a decisive move that aligns the organization with its long‑standing commitment to safeguard the natural world.

The resolution, adopted at the charity’s annual general meeting on Saturday with the board of trustees’ support, directs the organization to launch a competitive tendering process to select a new banking partner.

For the first time, the tender will emphasize that any selected bank must demonstrate a clear commitment to biodiversity protection and effective mitigation of the climate crisis.

Campaigners pointed to the outcome—53,256 votes in favor and 4,094 against—as a signal that charities must apply the same environmental standards to their banking arrangements as they do to their investment and supplier relationships.

Others, however, doubted the immediacy of the change, noting that insiders suggested the tender could be delayed by at least a year.

“This result highlights a profound shift in NGO accountability,” said Drew James, a proposer of the resolution and a member of Christian Climate Action.

“Civil society expects charities, universities and faith groups to terminate relationships with financial institutions that fail to meet their ethical standards,” Drew James added.

The decision follows years of member pressure over Barclays’ financing of the fossil‑fuel sector. The bank has faced criticism for supporting oil and gas expansion, including fracking and methane infrastructure, whereas the National Trust has repeatedly cited the climate emergency and nature decline as the primary threats to its protected landscapes, wildlife and historic assets.

James noted that the Barclays relationship clashed sharply with the Trust’s public stance on climate change. “For years, our trustees have declared climate change and the decline of nature the most pressing threats to the places in our care. Both issues are human‑induced and accelerating,” he explained.

He referenced comments from the Trust’s chief executive at a Labor Party conference session, where the leader highlighted keeping fossil fuels in the ground as the most effective response to the climate breakdown.

“In a contrary view, James declared, Barclays undermines our conservation mission by allocating billions of dollars to fossil‑fuel expansion.”

Supporters argued that the Trust’s association with Barclays conflicted with its statutory obligations under the National Trust Act 1907, which mandates the preservation of historic and natural places of beauty for national benefit.

The supporters also highlighted the Trust’s prior guidance urging the public to adopt ethical banking, noting the inconsistency of requiring a lower standard from its own bank than from its suppliers and investments, James observed.

“Importantly, the Trust clarified that the tender will not be limited to specialist ethical institutions,” the board stated, emphasizing that it must remain open to major UK clearing banks.

It further noted that, although some members preferentially seek specialist ethical banks, the available evidence shows that no such provider presently possesses the cash‑handling capacity, lending ability, payment infrastructure and operational scale needed to serve the Trust’s size and complexity.

Barclays defended its partnership, stating: “It is a privilege for us to support and bank the National Trust, and we value the organization’s engagement on these critical issues.”

“As a leading energy financier, we acknowledge the interconnection of economic growth, energy security, affordability and decarbonisation to meet societal needs. Over the past three years, we have facilitated over $300 billion (£225 billion) in sustainable and transition finance, including multibillion‑pound investments in cleaner energy projects across the UK and into climate‑tech innovations.”

Campaigners, however, question the fund’s relevance, referencing Barclays’ latest annual report, which allows fossil‑fuel entities access if the proceeds are not earmarked for direct oil and gas activities.

“James warned that such a reduction in carbon intensity—e.g., shifting from tar sands to natural gas—could qualify for sustainability backing despite potentially increasing overall emissions.”

Restore Trust, a coalition of National Trust members, contends that the vote indicates the organization is drifting from its core purpose.

Cornelia van der Poll, chair of Restore Trust, described the decision as “a distraction from the National Trust’s charitable purpose of preserving its historic buildings and rural countryside.”

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