Newcastle University currently have £2.4m in Barclays bank (People and Planet, 2018). As a respected institution with a large amount of social prestige and influence, it is vital that Newcastle University breaks all ties with Barclays, while it continues to finance fossil fuel projects. By dealing with organisations like Barclays which are financing catastrophic climate change, respected institutions like Newcastle University grant a social license to this irresponsible activity. This social license must be removed, by a University-wide divestment from and boycott of all relations with Barclays.
In 2016, Newcastle University made a commitment to divest from coal and tar-sands projects, on the basis of their damaging role in contributing to climate change. At this time, the chair of Newcastle University’s Council, Mark I’Anson, said:
“Newcastle University is committed to furthering environmental sustainability and we have a strong track-record in this regard.
"So it is right that our investment decisions are consistent with these values" (Newcastle University Press Office, 2016).
If this remains true, then Newcastle University cannot excuse its ties with Barclays, whose role in financing catastrophic climate change clearly contradicts the University's supposed commitment to 'environmental sustainability'.
