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Company Response

Barclays' response to RAN report

[Full response attached]

... We believe Barclays can make a real contribution to tackling climate change. Last year, following extensive engagement with shareholders and wider stakeholders from across society, we committed to align all of our financing to the goals and timelines of the Paris Agreement, and set an ambition to be a net zero bank by 2050. Both our ambition and our commitments received overwhelming support from shareholders at our 2020 Annual General Meeting. Having formalised this, we then worked to develop detailed metrics for setting targets and measuring our progress, which we updated stakeholders on in November...

The ‘Banking on Climate Chaos’ report highlights Barclays’ fossil fuel financing over the last five years. However, it is important to note that much of this financing took place before we set our net zero ambition and before we started work, set out above, to align our financing portfolio to the goals of Paris. Since we announced our approach last year our fossil fuel financing has reduced, which the report notes...

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