Barclays signs 10-year Power Purchase Agreement for UK operations with bp

Agreement will see Barclays sourcing a greater proportion of its UK electricity demand from renewable sources whilst increasing the UK’s zero-carbon energy capacity 

London, 16 February 2022 - In support of the bank’s efforts to transition towards powering its UK operations from fully renewable sources and help finance the clean energy transition, Barclays has today announced that it has signed a 10-year Power Purchase Agreement with bp.

Whilst Barclays’ operations are already carbon neutral, the agreement will allow the bank to source a large proportion of its UK electricity demand from renewable projects that provide additionality to the grid.

Barclays has committed to purchase up to 250GWh per year of power and associated Renewable Energy Guarantees of Origin certificates from additional new-build renewable power assets, helping to accelerate the UK’s energy transition and create green jobs.

The renewable projects will be chosen based on a number of socio-economic criteria, including support for local employment, and will result in an estimated 35,000 tCO2e/year of carbon savings for Barclays.

We aim to fund projects that will include new-build solar or wind energy assets and start producing renewable power no later than 2025. The construction of these assets will add enough zero-carbon energy capacity to the UK grid to power up to 59,000 homes every year.[1]

Sasha Wiggins, Barclays’ Group Head of Public Policy & Corporate Responsibility, said: “We recognise that in order for renewable energy to support the decarbonisation of the wider economy, there is a pressing need for greater zero-carbon energy capacity within the UK grid. We are delighted that through this agreement with bp we are able to support the transition to a low carbon economy, funding new renewable power sources whilst also furthering our commitment to reduce our own operational emissions.”

The projects being enabled through this Power Purchase Agreement will be announced in due course.

[1] National Grid TDVCs 2020