Local campaign groups joined forces today to demand that Barclays – a bank that infamously profited from South African apartheid – end its investments in fossil fuels and financing of weapons used in the Israeli state's genocide against the Palestinians. Activists entered the branch just after it opened at 9.30am to stage a peaceful sit-in, and were joined by others outside the branch shortly afterwards. The groups represented the local environmental, pro-Palestinian and anti-war movements, and included Cambridge Climate Justice, Cambridge Palestine Solidarity Campaign, Cambridge Stop the War, Cambridge University PalSoc, Extinction Rebellion Cambridge, Just Stop Oil Cambridge, Organisation of Radical Cambridge Activists (ORCA) and Silent Rebellion.
Inside, campaigners handed a letter to staff, explaining why they were holding a sit-in at the branch, before giving speeches to customers. They also held placards in the window to draw the attention of passers-by to the action. The demonstrators made paper cranes and paper chains and held a symbolic "die-in" representing those killed in Gaza and by climate breakdown, which Barclays funds. Outside the branch, protesters held Palestinian flags and engaged with members of the public, informing them about Barclays' crimes and explaining how they can switch banks. Members of the group Silent Rebellion held a meditation on the pavement outside the branch. Some demonstrators then marched from Barclays to Market Square to continue their demands for a ceasefire and an end to the genocide in Gaza, while others remained outside the bank to greet those leaving the branch once the sit-in had concluded.
Barclays is the seventh-largest fossil fuel financier in the world since the Paris Agreement, an agreement which aimed to keep global average temperature rises to under 1.5C above pre-industrial levels. Since the agreement was signed in 2015, Barclays has invested over US$190 billion in coal, oil and gas. The bank also holds over £1 billion in shares and provides more than £3 billion in loans to companies whose weapons, components and military technology are being used in Israel's genocide in Gaza. The campaigners asked members of the public to boycott Barclays, and provided information on how to quickly and easily switch banks. They highlighted that the student boycott of Barclays during the 1980s led to the bank pulling out of apartheid South Africa, which played a role in Nelson Mandela's release from prison and the collapse of the racist apartheid regime.
Financing planetary destruction
As well as being Europe's biggest fossil fuel financier in the years since the Paris Agreement, in 2022 alone, Barclays invested almost $17 billion in fossil fuels. Barclays has specifically funded fossil fuel companies complicit in human rights abuses and the destruction of key ecosystems. This included the infamous East African Crude Oil Pipeline (EACOP) as well as projects in Mozambique (via TotalEnergies), the Philippines and the Niger Delta (via Shell), which is one of the world's most polluted regions thanks to decades of oil extraction.
The UN has said that fossil fuel extraction must stop immediately if humanity is to halt global temperature rises and prevent irreversible and catastrophic climate breakdown. At just 1.1C of warming, the world has seen devastating extreme weather in the last 12 months, with temperature records in many countries smashed, and heatwaves and wildfires across the globe. 2023 was the hottest year on record, and experts predict that 2024 will breach the 1.5C threshold. By funding the continued extraction of fossil fuels, Barclays is supporting the destruction of the stable climate human societies rely on for their continued existence.
Supporting Israel's genocide and apartheid regime
By investing in weapons used in Israel's assault on Gaza, Barclays is complicit in the ongoing genocide of the Palestinian people by the Israeli state. So far, the Israeli Defence Force (IDF) has killed over 24,000 Gazans, 10,000 of whom are children. Many international commentators, including senior UN figures, are warning of a genocide of the Palestinian people by the Israeli state, and South Africa recently brought a genocidal intent claim against Israel to the UN’s International Court of Justice. Even before 7th October 2023, Israel has terrorized the Gaza strip which it has illegally occupied since 1967 and blockaded for the last 16 years, actions deemed unlawful under international law. In a 50-day onslaught by Israel in 2014, 2,251 Palestinians were killed. Furthermore, at least 93 journalists have been killed in the current bombardment, which exceeds the number of journalists killed in the entire duration of World War 2.
Across Israel and the occupied Palestinian territories, Palestinians live under a regime of oppression, domination and supremacy within a system labelled apartheid by Amnesty International and Human Rights Watch as well as Israeli human rights organisation B’Tselem. Barclays must immediately withdraw its financial support for companies that manufacture arms used by the Israeli military to commit genocide against the Palestinian people and maintain the system of apartheid.
Barclays - bank of choice of University of Cambridge
The activists also pointed out that the University of Cambridge chooses to bank with Barclays - despite its self-proclaimed position as a climate leader. The campaigners demanded that the University of Cambridge stop doing business with Barclays, while Barclays continues to invest in fossil fuels and arms used against Palestinians. By cutting ties with Barclays, the University would use its significant platform and influence to marginalise a company which enables climate destruction and Israel's human rights abuses. The University of Cambridge would join other organisations in cutting ties with Barclays - Christian Aid recently left the bank over climate concerns - adding to pressure on Barclays to clean up its act.
"Boycott Barclays, a bank that profits from death and misery"
Zoe Flint, a spokesperson from Extinction Rebellion Cambridge, observed: "Despite acknowledging the scientific imperative of ceasing all new fossil fuel infrastructure, Barclays shamelessly continues its old habit of investing in the destruction of our planet's climate. They have provided $2.45bn to Equinor, the sole operator of Rosebank, the new climate-busting gas field in the North Sea. That is just one example of why we ask people to play their part in protecting our climate and ditch their Barclays bank account. Together with institutions such as Christian Aid, Sheffield Cathedral, Leeds University and Greenbelt Festival we can make a difference. Switching bank accounts is easy, do it now."
A spokesperson from Cambridge Stop the War, commented: "We ask people to boycott Barclays, a bank that profits from death and misery brought upon people by weapons of war from its shares in BAE systems, Boeing, Raytheon, QinetiQ and Rolls Royce. Barclays profited from South African apartheid. We champion the end of apartheid in Israel which is currently propped up by Barclays and its investments in Caterpillar bulldozers and General Dynamics armoured vehicles."
A spokesperson from Cambridge Palestine Solidarity Campaign said: “The past 100+ days of military bombardment of Gaza has involved wholesale and indiscriminate killing, the destruction of most civic infrastructure, and the deliberate obstruction of aid. This has led to a situation of acute food insecurity described by the UN World Food Programme as ‘unprecedented in terms of seriousness, speed of deterioration and complexity. Gaza risks famine.’ This is strong language indeed, and a ceasefire is the first and minimum requirement.
"We are focusing on Barclays as through its investments it highlights the strong convergence of interest between all the groups acting together today. Investments in fossil fuels and the arms trade are mutually connected and reinforcing. They work against international peace and justice, including climate justice, which is necessary to tackle the urgent multiple existential challenges we face.
"We are calling on Barclays to #StopBankingOnApartheid, and their customers to consider changing their accounts to ethical banks.”
Supporters of Just Stop Oil Cambridge commented, "Palestinians in Gaza and the West Bank are suffering utterly unimaginable atrocities. Meanwhile, Barclays is rolling in profits from the billions they lend to kill, be that through arms or oil. This is a total violation of every human value. We are in resistance under different banners but are coming together to demand Barclays immediately stop funding genocide and apartheid."
Photo credit: XR Cambridge