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Barclays

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Barclays announces new Climate Change Strategy including ending financing of new oil & gas projects

In a surprising shift towards sustainable practices, finance giant Barclays has unveiled a comprehensive Climate Change Strategy that marks a significant departure from its previous practices. Historically criticised for its substantial financing of new oil and gas projects, Barclays' new strategy seems to signal a paradigm shift in its approach to responsible banking.
One of the most notable aspects of Barclays' new strategy is its commitment to ending financing of new oil and gas projects, a particularly significant move when Barclays has been one of the most carbon-intensive banks.
Key commitments outlined in Barclays' Climate Change Strategy include:
🍃 $1 Trillion of Sustainable and Transition Finance by 2030
🛢️ Restrictions on Financing Upstream Oil and Gas Expansion Projects
🚫 Additional restrictions on unconventional oil and gas, including those involving Amazon & extra heavy oil.
🎯 Requirements for energy clients to have 2030 methane reduction targets, a commitment to end all routine/non-essential venting and flaring by 2030 and near-term net zero aligned scope 1 and 2 targets by January 2026.
🗺️ Transition plans and decarbonisation strategies: Energy clients are required to develop transition plans or decarbonisation strategies by January 2025.
All these sound like a great step toward sustainable investments. But are there limitations to it?
The Non-Profit Share Action has analysed Barclays' new stategy and highlighted some limitations:
While Barclays aims to constrain financing for 'pureplay' upstream companies (that is to say companies only working with fossil fuels), its policy falls short compared to European peers. The bank will continue financing pureplay upstream companies engaged in long lead time expansion projects by exception, with no specific restrictions on short lead time expansion projects.
Barclays also retains significant discretion over its support of oil and gas expansion activities that may conflict with 1.5C scenarios. Although financing restrictions for unconventional and high-risk oil and gas have been tightened, loopholes remain. For instance, the policy's scope is narrow for fracking and Arctic oil and gas operations.
Read more about their analysis of Barclays strategy here:



https://home.barclays/content/dam/home-barclays/documents/citizenship/our-reporting-and-policy-positions/Climate-Change-Statement.pdf


https://www.civilsociety.co.uk/news/barclays-revises-climate-strategy-after-charity-sector-pressure.html



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  • Grace Njeri

    1 w

    Ditching fossil fuel financing is vital to fight climate change.

    3
    • johnte ndeto

      8 w

      Ending fossil fuels financing will definitely discourage it's consumption

      7
      • Princess

        8 w

        It's a big step in the right direction for the environment.

        4
        • We Don't Have Time

          8 w

          Dear Sarah Chabane Your climate love has received over 50 agrees! We have reached out to Barclays by email and requested a response. I will keep you updated on any progress! To reach more people and increase the chance of a response, click the Share button above to share the review on your social accounts. For every new member that joins We Don't Have Time from your network, we will plant a tree and attribute it to you! /Adam, We Don't Have Time

          2
          • Tabitha Kimani

            8 w

            Financial institutions are the ones who facilitate the operations of businesses, they should therefore invest in sustainable businesses and not those involved in destroying planet earth.

            3
            • Gorffly mokua

              8 w

              The new strategy builds on the bank's previous climate commitments, including its pledge to be a net-zero emissions bank by 2050, as well as its participation in the Partnership for Carbon Accounting Financials (PCAF).

              3
              • Marilyn Mehlmann

                8 w

                'Necessary but not sufficient', as my maths teacher used to say about my proofs. So yes, let's applaud - but not too loudly.

                6
                • Tracey Hart

                  8 w

                  A step in the right direction maybe but it only covers a fraction of the bank's fossil fuel spending and is NOT enough = greenwashing https://businessgreen.com/news/4172215/barclays-pledges-stop-directly-financing-oil-gas-projects

                  6
                  • Sarah Chabane

                    8 w

                    @tracey_hart agreed, it's not enough. Greenwashing, I am not sure.

                    1
                  • walter lungayi

                    9 w

                    This is a positive step towards addressing climate change and transitioning towards renewable energy sources. It's great to see financial institutions taking proactive measures to support sustainability.

                    5
                    • Patrick Kiash

                      9 w

                      I support their clients dear.. Good way to go!

                      6
                      • Elizabeth Gathigia

                        9 w

                        Absolutely good news, Barclays has made a very wise decision and hope other financial institutions will learn from this

                        8
                        • Joseph Githinji

                          9 w

                          This is a bold decision,more financial institutions should follow the steps of excellence from Barclays.

                          7
                          • George Kariuki

                            9 w

                            This is positive step however my concern is compared to European peers, Barclays' restrictions on fossil fuel financing seem less stringent.

                            7
                            • Rotich Kim

                              9 w

                              This move is significant it will results to more climate friendly activities

                              13
                              • Jane Wangui

                                9 w

                                @rotich_kim We must end this fossil fuels at all costs.

                                4
                              • Felix mokaya

                                9 w

                                Good work Barclay .This is a wake up call for other companies to engage themselves in clean energy

                                13
                                • Gorffly mokua

                                  8 w

                                  @felix_mokaya Other companies will only follow this if pressure is put on them!

                                  3
                                • Thomas Tienso

                                  9 w

                                  Very good. Lets folliow up this.

                                  7
                                  • Sarah Chabane

                                    8 w

                                    @thomas_tienso yes, let's keep them accountable!

                                    1
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