This morning (October 24), we held a peaceful demonstration in Barclay’s bank on Cornmarket Street. Our group of students from the University of Oxford and members of the city joined an international effort to demand banks to stop funding fossil fuel expansion projects, “before it is too late”.
Barclays, specifically has invested £48 million in Kinder Morgan, the largest pipeline company in North America and the corporation responsible for Trans Mountain, a pipeline to transport the least efficient, dirtiest oil out of the tar sands in Canada.
This weekend (14-15 October) Young Labour – the youth wing of the UK Labour Party – passed a policy motion that included supporting fossil fuel divestment and joining the #DivestBarclays campaign to boycott the bank until they ditch fossil fuel finance.
The motion was heard at the National Youth Policy Conference 2017 and its success means that it is now the official position of Young Labour and will be proposed to the Labour Party on behalf of its young members to become national policy. See the motion in full below.
Last week at the Barclays Annual General Meeting (AGM), the Chairman John McFarlane told shareholders that the bank would be withdrawing their financing of fracking company Third Energy - licensed to frack in Ryedale, North Yorkshire. Barclays owns 97% controlling stakes in Third Energy. This could be a huge victory for the anti-fracking and climate justice movement in the UK, showing the power of organising and building coalitions in our local communities.