Barclays staff are confidentially speaking about their frustration at the billions Barclays is continuing to lend to the world’s worst fossil fuel companies. To speak out confidentially, email confidential@bankonourfuture.org
Barclays just released their new energy policy. It’s meant to contain important updates on Barclays’ approach to lending billions of dollars to fossil fuel companies. The major update is clear: Barclays is staying in bed with fossil fuel companies like Shell and Exxon. And it’s a decision they might already be regretting.
Barclays are in the crosshairs
Barclays are not getting away with this. This Valentines day saw actions across the UK targeting Barclays for their fossil fuel funding. There were all sorts of incredible creative actions including valentines cards, branch storming and PLENTY of lego. The actions were timed with a letter (coordinated by ShareAction) to Barclays from their shareholders demanding that they cut down on fossil fuel funding.
Check out this thread for a flavour of all the actions:
Are you in a toxic relationship with @Barclays this #ValentinesDay?
The bank is pouring billions into fossil fuels causing the climate crisis
Watch this space today for all the actions calling on the bank to stop. Let’s make sure they hear about it.#BreakUpWithBarclays pic.twitter.com/FcpExNyCj5
— Bank On Our Future (@bankonourfuture) February 14, 2023
Barclays’ missed opportunity
All the major UK banks are taking steps (albeit little ones!) to move away from funding new oil and gas extraction – check out announcements from HSBC, Natwest and Lloyds. Barclays had a glaring opportunity to follow their example. But instead, they’re holding on to their crown as Europe’s biggest fossil fuel funder.
There are a few, minor restrictions Barclays are announcing. They’re limiting (but not ending) funding for tar sands extraction, one of the most damaging forms of extraction. And they’re limiting funding for coal, the most damaging fossil fuel. But this does nothing to dent the billions of dollars flowing out of Barclays HQ and into climate destruction.
They’re even still supporting coal-loving giant, Adani. This is a very risky move given that Adani is in free fall as a result of allegations of financial fraud and money laundering. Large financial organisations are running away from Adani, except for Barclays. Who are staying true to their fossil fuel addiction.
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