The new climate proposals released by Barclays are completely contradictory. On one hand they’re committing to Net Zero by 2050. On the other hand, their new proposals allow them to keep investing in NEW fossil fuels. That means more oil rigs, more drilling, and more climate destruction on their hands.
The science couldn’t be clearer. The International Energy Agency are saying that no new coal, oil or gas expansion can be permitted in a ‘net zero by 2050’ world. Yet, the new proposals allow Barclays to keen financing fossil fuel-expanding companies like BP, Chevron, ExxonMobil, Shell, and Total. These companies are some of the most responsible for causing climate breakdown. And their operations are only possible because banks like Barclays keep funding them.
Today @Barclays released its climate plan ahead of its AGM. Our verdict: Nothing in the plan will stop Barclays continuing to finance the expansion of the fossil fuel industry – the basic test for a bank serious about climate.
— Market Forces (@market_forces) March 22, 2022
Barclays are the worst funder of fossil fuels in Europe. They pour billions into destruction every year. You would think that they’d be trying to follow the science and reduce that. But they’re not. They’re also one of the worst in the world for funding fracking, and their new policies have a fracking shaped hole in them. It’s greenwashing. Plain and simple.
Adam McGibbon ar Market Forces said:
“If Barclays’ new climate policy allows it to keep financing companies expanding the fossil fuel industry – then it’s not a serious climate policy. Barclays can say it has a net zero by 2050 goal, or it can keep funding companies that are expanding the fossil fuel industry – but it can’t do both.”
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