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Barclays tried to have another normal AGM. But again, Barclays couldn’t escape the things it’s trying to hide. Mainly, the billions of dollars it’s providing to Israeli arms companies that are breaking human rights in Gaza, or the billions of dollars that it’s funnelling into fossil fuel extracting, human rights abusing, misinformation spreading companies like Shell and Exxon. What’s even sadder is Barclays knows all of this, but is choosing to continue anyway.
So what happened at the AGM?
Shareholders disrupted Barclays’ chairman to uncover exactly what Barclays wanted to keep hidden – the billions of dollars it’s feeding to Israeli arms companies that are currently bombing children in Gaza. But the other big elephant in the room wasn’t left alone either, Barclays was then taken to task on its position as Europe’s #1 funder of the fossil fuel industry since 2013, crowned for the 8th year running.
Once the disruptions stopped, all of the official questions were about Barclays’ role in facilitating devastation in Gaza or climate breakdown. It’s simple, Barclays can say it cares about sustainability or human rights. But until it stops funding the exact opposite of sustainability and human rights, it is lying.
Does Barclays really fund the bombs in Gaza?
Yes. Despite its claims otherwise Barclays can’t hide from the fact that it provides £6.1 billion in loans and underwriting to 9 companies whose weapons and technology are attacking innocent Palestinians right now. That includes a longstanding relationship with Elbit systems, a company that is violating human rights by bombing innocent children.
The chairman of Barclays claimed he takes accusations of human rights violations seriously and would investigate cases of it. However, there is already well established and peer reviewed research from Human Rights Watch, Amnesty International, and the UN. Barclays is turning a blind eye to the destruction and devastating loss that it’s facilitating.
And they were called out for it
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What’s Barclays’ role in fossil fuel funding?
Oh it’s not just Gaza. New research shows that Barclays is again the #1 funder of the fossil fuel industry of any bank in Europe, since 2016. A title it’s held on to for 8 years running. Barclays claims it’s taken big steps with its new climate policy. But the new climate policy carves out loopholes to protect the billions going to Shell, Exxon and fracking across the US.
Barclays’ chairman spoke about the millions it’s sending to clean energy, without properly acknowledging the billions going to fossil fuels – despite the warning from the IEA that no new fossil fuels can be extracted for a 50% chance of a safe world.
But still, Barclays are turning a blind eye to the mounting evidence that their funding is complicit in destruction of our climate. Barclays have to do gymnastics to keep justifying their funding. They’re pretending that major coal client Adani isn’t corrupt. They’re pretending that their funding to oil and gas giants is green. They’re even pretending that their sustainable funding isn’t greenwashing.
It’s clear. Barclays must end funding for fossil fuel companies engaged in fossil fuel expansion. Now.