BANKS DODGY DEALS CAMPAIGNS
About BankTrack
20 years of BankTrack – Our history
Visit us
Organisation
Our team
Our board
Guiding principles
Team up with us
Jobs at BankTrack
Our annual reports
Funding and finances
BankTrack in the media
Our privacy policy
Donate
2023-09-18 00:00:00
New report and blog: Barclays' bond with Adani
2023-08-23 00:00:00
Decarbonization: steel not making the cut
2023-07-27 00:00:00
Two months ago 62 organizations and 3 Goldman Environmental Prize winners wrote an Open Letter to the TNFD: No one responded
2023-07-13 00:00:00
The Sustainable Steel Principles: One step forward when leaps are needed
2023-09-15 17:34:10
The number of major banks refusing to support EACOP reaches 24
2023-07-31 14:30:01
Equator Principles recognise projects’ risk to climate for the first time
2023-05-17 14:30:30
EACOP Financial Advisor SMBC is no longer involved with the project
2023-03-28 13:43:00
French bank Société Générale withdraws from Rio Grande LNG
Connect
2023-09-18 00:00:00
Barclays' bond with Adani
2023-06-26 00:00:00
How should financiers align with the Global Biodiversity Framework? Five Key Principles
2023-04-13 00:00:00
Banking on Climate Chaos 2023
2023-04-12 00:00:00
The East African Crude Oil Pipeline (EACOP): Finance Risk Update No. 4
See all publications
Sections
Banks Dodgy Deals Campaigns
Our campaigns
Banks and Climate
Banks and Human Rights
Banks and Nature
Banks and Pandemics
Our projects
Tracking the NZBA
End Coal Finance
Banks and Putin's war in Ukraine
Banks and steel
Tracking the Equator Principles
Tracking the PRBs
Find a Better Bank
Banks and the OECD Guidelines
Media
News Publications
Fossil Banks No Thanks StopEACOP Forests & Finance Banks & Biodiversity Drop JBS Bank of Coal Don't Buy into Occupation
BankTrack
About BankTrack 20 years of BankTrack – Our history Visit us Organisation Our team Our board Guiding principles Team up with us Jobs at BankTrack Our annual reports Funding and finances BankTrack in the media Our privacy policy Donate
Successes Contact BankTrack
Donate Mailing list Facebook Twitter Login
Home › Partner news ›
Partner News

Barclays scales down oil sands finance following investor pressure

Barclays radically reduces financing for oil sands, but fails to update other key aspects of its oil and gas policy despite investor concerns
2023-02-15
By: ShareAction
Contact:

press@shareaction.org

Barclays UK HQ. Photo: GroupEditor via Wikimedia Commons (CC BY-SA 4.0)
2023-02-15
By: ShareAction
Contact:

press@shareaction.org

Today, Barclays published its annual report, where it committed to new restrictions on oil sands, following a long-term campaign from shareholders on the issue.

From July, the bank will not directly finance new oil sands exploration, production, or processing and restricts finance to companies that generate more than 10 per cent of their revenues from these activities. Barclays will also not directly finance new oil sands pipelines but could still finance companies that own and operate such pipelines.

Commenting on the report, Jeanne Martin, Head of Banking Programme at ShareAction said:

“Barclays has taken an encouraging step forward today in tightening its restrictions around oil sands finance, after years of investors pushing for change on the issue.

“Disappointingly, despite not having published a new oil and gas policy for the last three years, the bank’s fracking policy remains unchanged and there is no mention of new oil and gas. This means Barclays continues to be out of step with current minimum standards of ambition within the industry.

“Barclays should step up and act swiftly to update its oil and gas policy ahead of its 2023 AGM to meet science-based standards on climate that have made it clear there is no room for new oil and gas fields if we want to limit global warming to 1.5C.

“Otherwise, the bank should be prepared to deal with further shareholder action to encourage Barclays to meaningfully align with its net zero goal.”

Last week, 27 investors worth $1.4 trillion in assets under management wrote to Barclays to ask that the bank commits to stop directly financing new oil and gas fields, and turn its attention to the companies behind these fields. This followed indigenous activists from the United States and Mexico visiting the UK in November to meet with Barclays to discuss the harmful effects of fracking on their communities and to ask them to stop financing these projects.

ShareAction has co-ordinated engagement from investors on Barclays’ financing of oil sands since 2019. Following a resolution in 2020, a group of 17 investors worth $4.3 trillion in assets under management called on the bank to tighten its policy in 2021.

See the original piece on ShareAction's website here.

Banks

Barclays

United Kingdom
Active
Sections
Banks Policies Dodgy Deals Campaigns
Our campaigns
Banks and Climate Banks and Human Rights Banks and Nature Banks and Pandemics
Our projects
Tracking the NZBA End Coal Finance Banks and Putin's war in Ukraine Banks and steel Tracking the Equator Principles Tracking the PRBs Find a Better Bank Banks and the OECD Guidelines
Media
News Publications
Fossil Banks No Thanks StopEACOP Forests & Finance Banks & Biodiversity Drop JBS Bank of Coal Don't Buy into Occupation
BankTrack
About BankTrack 20 years of BankTrack – Our history Visit us Organisation Our team Our board Guiding principles Team up with us Jobs at BankTrack Our annual reports Funding and finances BankTrack in the media Our privacy policy Donate
Successes Contact BankTrack
Vismarkt 15
6511 VJ Nijmegen
The Netherlands
Contact@banktrack.org
Donate Mailing list Facebook Twitter
©2023 BankTrack
BankTrack is a registered charity in the Netherlands (ANBI) - RSIN 813874658
Find our privacy policy here

Stay up to date

Sign up now for all BankTrack's news


Make a comment

Your comment will be reviewed, before being posted