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Company Response

Barclays' response

[Full response attached]

We have engaged in constructive dialogue with the report’s authors [...] and have provided feedback on its findings and methodology. We would like to take the opportunity to supplement what is covered in the report with additional information on the efforts we are undertaking to address climate change and recent commitments that we have made that relate directly to the areas covered in the report. Unfortunately, these were not covered in the research due to the timing of the publication.

We believe that Barclays should take a leading role in tackling climate change. The size and scale of our business means that we can make a real difference in helping to accelerate the transition to a low-carbon economy. That is why in March 2020, we announced our ambition to become a net zero bank by 2050. We’ve also made a firm commitment to align our entire financing portfolio to the goals of the Paris Agreement...

[T]here are some immediate changes we have made to the financing we provide in particularly sensitive energy sub-sectors that are covered in the Fossil Fuel Financing Report, but not captured in the report findings given the timing of the publication.

These changes are: Increased prohibitions on thermal coal...No financing for energy projects in the Arctic Circle...Helping to reduce the environmental footprint of oil sands ..Financing restrictions and due diligence requirements for fracking...Alongside our strategy to align with the goals of the Paris Agreement, we will also increase our commitment to green and sustainable finance...

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