Log in to Personal Banking Skip to content
  1. Home
  2. News
  3. 2019
  4. The future of fossil fuels and climate c...

The future of fossil fuels and climate change

26 April 2019

The future of fossil fuels and climate change 

“Today we use 100 million barrels of oil every single day...There are no rules to keep that oil in the ground... the rules have to be changed.” - Greta Thunberg, Climate Change Activist

 Now, more than ever we need to think about our climate. We need to start looking to the future and working out how we’re going to make a difference.

What are fossil fuels?

We identify fossil fuels as oil, coal, gas and shale gas. 

Disadvantages of fossil fuels

It’s proven that fossil fuels have a negative impact on our environment. Burning coal, oil and gas produces carbon dioxide which enters the atmosphere and contributes to climate change, causing global temperatures to rise.

This leads to effects such as loss of sea ice, accelerated sea level rise and longer periods of drought in some areas.

Alternatives to fossil fuels

We have to think about alternatives to the fossil fuels we’re using, and how we’re going to protect our environment in the future.

How does The Co-operative Bank fight climate change?

Combatting climate change is not the responsibility of one person or one organisation. It is something that we must all be a part of. As an ethical business, we recognise our responsibility, and have taken steps to reduce our environmental impact.

We are an ethical bank, with a customer-led Ethical Policy. Our Ethical Policy details how we’re fighting climate change as a result of our customers’ concerns. 

Ethical banking

We know that our customers care about what we do with their money. Our customers have told us that climate change matters to them, and so our Ethical Policy states:

We will not provide banking services to any business whose core activity contributes to global climate change, via the extraction or production of fossil fuels (oil, coal, gas and shale gas), with an extension to the distribution of those fuels that have a higher global warming impact (e.g. tar sands and certain biofuels)” - Page 12 of our Ethical Policy. 

A sustainable business

As a business we are committed to reducing our reliance on fossil fuels. Virtually all of the energy we use is derived from renewable sources.

We’re also going beyond carbon neutral. That means that we offset all of our remaining operational emissions, together with an extra 10% to cover legacy issues.  

We do this by supporting carbon reduction projects, identified through climate and development experts ClimateCare that improve the health and wellbeing of some of the poorest communities around the world.

We are the only high street bank with an Ethical Policy shaped by our customers. Since its’ launch in 1992, we’ve had over 320,000 responses from customers telling us what matters to them. Our Ethical Policy was updated in 2015 to make sure it continues to accurately reflect the views of our customers.

As a customer, you can be sure that if it matters to you, it matters to us too. You will always have a say in how we run our business.

You can read more about our Ethical Policy here.

Contact us

If you'd like more help & information, you can:

Chat to us via live chat