Barclays Bank Oakham Rutland Funding Fossil Fuels Graffiti

Barclays Bank Oakham Rutland Funding Fossil Fuels Graffiti 

This what Barclays say:

Why are we still financing companies in the Energy and Power sectors?

We are committed to aligning all our financing to the goals and timelines of the Paris Agreement and this is reflected in our near-term targets to reduce our financed emissions i.e. the client emissions associated with our financing activity. We believe that Barclays can make the greatest difference by supporting our clients to transition rather than simply phasing out support for them. Many highly carbon-intensive sectors require finance to transition, including Power and Energy.

Many of the companies in the oil and gas sector are large multinationals that are actively engaged in the transition, committing significant resources and expertise to renewables, power infrastructure and EV networks. Where carbon-intensive companies are unable or unwilling to reduce or eliminate their emissions, we will reduce our support over time. 
We have set 2030 targets that integrate a 1.5c temperature rise scenario in four of the highest emitting sectors in our financing portfolio – Energy, Power, Cement and Steel. In the coming years we will continue to set targets for other sectors.

We are being fully transparent about the progress we are making. We measure our financed emissions and track them at a portfolio level against our targets using our ‘BlueTrack’ methodology In 2021, our financed emissions for the energy sector dropped by 22%, exceeding our target of a 15% reduction by 2025. We have now set an additional 2030 target to reduce our financed emissions in the energy sector by 40% against a 2020 baseline, consistent with the IEA’s Net Zero 2050 scenario. 

How do we support sustainable financing?

We surpassed our 2018 target to deliver £150bn of social and environmental financing by 2025 and we are on track to meet our target to deliver £100bn of green finance well ahead of our 2030 target date, having already delivered £82bn4.

As a result, and after a strategic review of the bank’s capabilities, market demand and growth opportunities, Barclays has a new target to facilitate $1trn of Sustainable and Transition Financing between 2023 and the end of 2030. This encompasses the long-term Green, Social, Transition and broader Sustainable Financing requirements of our customers and clients.

We’re also investing £500m of our own capital into climate-tech start-ups helping them to scale solutions to environmental challenges and fill their growth stage funding gaps. The Sustainable Impact Capital investments have supported many aspects of climate-tech innovation, from property retrofit solutions to long-duration energy storage and hydrogen technologies.

The industrial revolution took over a century to transform the planet, and we cannot hope to undo overnight its deleterious impact on the environment. We are still at an early stage of a long journey-but are committed to the destination and will persevere to reach it. One of my foremost priorities is for Barclays to demonstrate steady and significant progress against our net zero ambition.

C.S. Venkatakrishnan
Group Chief Executive