Members of the North Wales Labour Party Momentum group and Extinction Rebellion held a demonstration outside the branch of Barclays Bank on Bangor High Street on Saturday, as part of a campaign to encourage the bank to stop funding and supporting fossil fuel companies and projects.
The group said that Barclays is being targeted across the UK and internationally because of its record on fossil fuel investments.
A recent report by BankTrack showed that Barclays is investing heavily in fossil fuel projects, putting $85bn into fossil fuels since the Paris Agreement was signed at the end of 2015, more than any other European bank.
The finance includes support for corporations pushing ahead the plans to develop the fracking industry as well as provision of finance for tar sands companies and companies behind some of the most controversial projects in recent years, such as the Dakota Access Pipeline and the Keystone XL pipeline.
Following grassroots action against the bank by environmental groups and others, in May 2017 Barclays pledged to withdraw its financing of fracking company Third Energy, licensed to frack in Ryedale.
The campaign follows Labour’s push for a ‘Green Industrial Revolution’ in Britain to address climate change, create hundreds of thousands of green jobs and help revive parts of the UK that have been suffering since the recession. The aim is to help combat climate change while also bringing work to neglected towns and communities.
Rick Mills said: “We need banks to stop funding for the fossil fuel industry if we are going to avoid catastrophic climate change. Only the banks have the cash to finance big fossil fuel infrastructure projects.
“Our aim is to help break the chain of fossil fuel finance while at the same time promoting funding for renewables. Campaigners have beaten Barclays before and now we hope to do it again. The campaign will be continuing until Barclays address their responsibilities.”