National Trust Votes to Seek New Bank Over Barclays Environmental Concerns

The National Trust has voted by 53,256 to 4,094 to seek a new banking partner, moving to sever ties with Barclays over concerns regarding the lender’s fossil fuel financing. The vote, held at the charity’s annual general meeting on November 7, 2026, marks a significant victory for members.

Annual General Meeting Vote Results and Board Decision

The resolution instructs the organisation to begin a competitive tendering process for its banking arrangements. For the first time, that process will centre on the condition that any prospective banking partner demonstrates a positive commitment to protecting biodiversity and reducing the human-induced climate crisis. The board supported the resolution ahead of the vote, paving the way for the formal review.

Campaigners celebrated the outcome as a clear signal that charitable bodies must align their financial relationships with their public conservation missions. However, insiders suggest that the actual tendering process will not take place for at least a year. The board has made it clear that the tender will remain open to major UK clearing banks, stating that specialist ethical banks currently lack the cash handling capability, lending capacity, payments infrastructure, and operational scale required to support an organisation of the Trust's size and complexity. The board emphasized this operational reality in its supporting statement ahead of the ballot.

Tensions Over Fossil Fuel Financing and Environmental Strategy

The push for a new banking partner follows years of intense pressure from members who argued that the Trust’s relationship with Barclays was at odds with its commitment to protecting the natural world. Campaigners have consistently criticized Barclays for financing oil and gas expansion, including fracking and methane gas infrastructure. Drew James, a proposer of the resolution and a member of Christian Climate Action, pointed out the contradiction. For years, our trustees have declared climate change and the decline in nature to be the biggest threat to the places in our care, James said. Meanwhile our bank, Barclays, undermines our conservation mission by channelling billions of dollars into fossil fuel expansion.

Supporters of the resolution argued that maintaining the account was inconsistent with its responsibilities under the National Trust Act 1907, which established the organisation’s duty to preserve places of historic interest and natural beauty. The vote also arrived as the Trust grapples with the severe local impacts of extreme weather across its portfolio. A wildfire at Dunwich Heath in Suffolk in July destroyed 104 hectares (256 acres) of ancient heathland, an event campaigners estimate will take 25 years to recover from. Other Trust properties have faced flash flooding and prolonged drought.

Corporate Defense and Conflicting Perspectives on Sustainable Finance

Barclays defended its ongoing relationship with the National Trust and its broader financing strategy for the energy sector. A spokesperson for the bank stated that it is a privilege to support the organisation and highlighted the bank’s financial commitments. Over the past three years, we have facilitated more than $300bn of sustainable and transition finance, including billions for cleaner energy projects here in the UK, and invested millions into climate tech, the Barclays spokesperson said.

Campaigners disputed the significance of that $300bn figure. They pointed to the bank’s annual report, which indicates that fossil fuel entities can access sustainability backing as long as the money is not designated directly for oil and gas activity, potentially allowing for net increases in total carbon emissions through shifts like moving from tar sands to natural gas.

Other critics questioned whether the focus on banking partners distracts from the charity’s core duties. Cornelia van der Poll, chair of the Restore Trust member group, called the vote a distraction from the National Trust’s charitable purpose of properly maintaining all the historic buildings and countryside in its care.

Next Steps for the National Trust Banking Review

With the resolution successfully passed, the organisation faces a lengthy administrative road ahead. While the organisation has been instructed to design a tender prioritizing biodiversity and climate protection, the practical realities of managing large-scale charity accounts mean that major clearing banks will still be evaluated alongside any institutions meeting the new criteria. Insiders indicate that formal steps toward the new banking arrangement will not commence for at least a year.