Last updated: 26 February 2026
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Seven leading financial institutions that do not contribute to financing fossil fuel expansion have been identified as a panel suitable to hold billions in deposits for 83 British higher education institutions. The Co-operative Bank, Coventry Building Society, Handelsbanken, Leeds Building Society, Skipton Building Society, Unity Trust Bank and Yorkshire Building Society have all met the strict fossil fuel-related criteria necessary to be accepted as part of the consortium.
The initiative was instigated and co-ordinated by the University of Cambridge alongside collaborators at 82 fellow Higher Education Institutions (HEIs) in the UK with the aim of identifying financial institutions that avoid contributing to fossil fuel expansion. With seven deposit-taking institutions on board, it opens the way for billions in funding to be allocated in accordance with the International Energy Agency’s Net Zero Emissions scenario.
In February 2024, the HEI consortium challenged the UK banking sector to come up with new products that met stringent criteria relating to fossil fuel expansion. The Request for Proposals invited banks and other financial institutions to present cash products that met stringent, research-based requirements, in a deliberate attempt to stimulate banks and debt markets to shift capital away from fossil fuel expansion.
Heather Davis, Head of Group Treasury in the University of Cambridge Finance Division, said:
“Our affiliate institutions use a huge array of banking and investment services across a number of financial institutions. For many, their banking relationships are historic, going back centuries, but there was nothing in the market that met our requirement to avoid financing fossil fuel expansion. We challenged the banking sector to bring new ideas, and we are delighted to say that the banking institutions now part of the consortium have all delivered.”
Erin Squires, UCL’s Head of Treasury Management & Sustainable Finance, said:
“It has been a welcome outcome to see this collaboration grow as it has, especially given the pressures facing the higher education sector and the broader global context. The level of engagement speaks to a shared sense of purpose and urgency on climate.”
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Notes to editors
This work is coordinated by the Banking Engagement Forum at the University of Cambridge, which has a membership base comprising finance and treasury staff, academics, colleges and, crucially, students (both the Student Union and relevant Societies).
Request for Proposal co-signatories
The University of Cambridge is one of the world’s leading universities, with a rich history of radical thinking dating back to 1209. Its mission is to contribute to society through the pursuit of education, learning and research at the highest international levels of excellence. Cambridge research spans almost every discipline, from science, technology, engineering and medicine through to the arts, humanities and social sciences, with multi-disciplinary teams working to address major global challenges.
The University comprises 31 autonomous Colleges and over 100 departments, faculties and institutions. Its 20,000 students include around 9,000 international students from 147 countries. The University contributes nearly £30 billion to the UK economy annually and supports more than 86,000 jobs across the UK.