Setting the record straight on Barclays’ climate position
Our ambition is to be a net zero bank by 2050, aligning our financing with the goals and timelines of the Paris Agreement, by achieving net zero operations, reducing our financed emissions and financing the transition.
On this page we address some of the frequently asked questions about why Barclays finances oil and gas companies.
We explain our position on climate change and why we finance some oil and gas companies
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We agree with our strongest critics on the need to create a net zero global economy.
We disagree on how fast and disruptive the transition to net zero should be.
Transition is a dial, not a switch.
Practically and supported by the science from the IEA, the real economy still needs fossil fuels for essential daily activities.
A transition too fast will make energy unaffordable, leaving people, communities and economies behind.
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It will also put the energy security of the UK at risk, which we saw when imports were disrupted in Europe at the start of the Ukraine war.
Barclays is leading the financing of the energy transition.
We have set a target to bring $1 trillion of green, sustainable and transition finance by 2030 to help decarbonise the world economy.
We are doing this while working to reduce our financed emissions from coal, oil and gas extraction and production.
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We respect that others may have different views, but we ask that they express them without intimidation or violence.
As we have seen from a very small number of activists with attacks on our branches and staff or social media, bullying of artists and players at events we sponsor.
Thank you for listening.
