— Right now, Barclays staff are speaking confidentially on Barclays’ fossil fuel funding. Talk to the team by emailing: confidential@bankonourfuture.org —
Champions – 8th year running
Barclays retains its crown as the biggest European bankroller of the fossil fuel industry since 2016, according to annual updates from RAN. That’s $235 BILLION dollars ploughed into the likes of Shell and Exxon to continue destroying habitats, violating human rights and spreading misinformation on climate.
In fact, Barclays actually INCREASED its funding to the fossil fuel industry in 2023. Does that sound like a bank that cares about the future to you?
What does the research show?
The 2024 Banking on Climate Chaos report from RAN shows that Barclays funnelled $24 billion to the fossil fuel industry in 2023. And since 2016, that figure stands at $235 BILLION.
That money flows freely into the hands of fossil fuel companies like Shell and Exxon – both of whom are rolling back on their commitments to climate whilst continuing to abuse human rights around the world. The saddest thing is, Barclays knows all of this, but is choosing to continue funding them. Despite all of Barclays’ green promises and PR campaigns, it’s bankrolling the exact problem it’s claiming to be solving. And it’s an open secret among the board and senior staff, as demonstrated in the most recent AGM.
“I think banks will move slowly on fossil fuels. But to be #1 in Europe for this long is pretty embarrassing” – Barclays employee, 6 years.
But doesn’t Barclays have a new climate policy?
10 points. Yes it does. It claims to take radical steps in reducing the billions it’s feeding to the fossil fuel industry. But it’s got loopholes you can build a pipeline through. The policy does nothing to address the funding Barclays is sending to the worst abusers of human rights and the climate, companies like Shell and Exxon. In fact, the policy means that those companies are protected.
Any “sustainable policy” that doesn’t address the billions going to the world’s worst fossil fuel companies is not a sustainability policy. Obviously.
The science is clear. Barclays must stop funding companies expanding fossil fuels. NOW.
— Right now, Barclays staff are speaking out confidentially on Barclays’ fossil fuel funding. You can take part by emailing confidential@bankonourfuture.org now —