NGOs Critique Barclays’ Energy Policy  

Barclays has published an updated energy policy, which includes commitments to stop financing new oil and gas expansion projects, stop backing unconventional projects in the Amazon, and restrict corporate funding for energy companies expanding fossil fuels. NGO Sierra Club welcomed the move as a contrast to the recent backsliding and slowing progress on the climate transition from major US banks, such as Bank of America, which recently eased restrictions on financing Arctic drilling and coal projects. Sierra Club also noted that Barclays’ energy policy remained “limited”, as it still allowed the bank to provide corporate financing to “some” companies expanding oil and gas extraction – such as Shell and Exxon. This sentiment was shared by responsible investment charity ShareAction: “Barclays is wrong not to have ruled out financing companies that focus exclusively on fossil fuel extraction,” said ShareAction Campaign Manager Kelly Shields. “This should include fracking, which is causing so much environmental and social harm and is an activity the bank is heavily exposed to. We should expect the banks’ shareholders to hold them to account on this policy and make significant efforts to close the loopholes in this strategy.” 

 

 

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