(Friday 9th February 2024) Responding to today’s publication of Barclays’ energy policy, which was published following engagement with ShareAction and investors, Kelly Shields, Campaign Manager at responsible investment charity ShareAction said:

“ShareAction welcomes the publication of Barclays’ policy update. It contains some positive commitments from the bank including its decision to set basic climate tests for its oil and gas clients, alongside its promise to stop financing new oil and gas projects directly.

“However, the strategy could have gone so much further. Barclays’ intention to request decarbonisation plans from its oil and gas clients is the right one. But for it to have teeth, the bank must demand clients stop engaging in activities that increase the climate crisis such as oil and gas exploration.

“Barclays is wrong not to have ruled out financing companies that focus exclusively on fossil fuel extraction. This should include fracking, which is causing so much environmental and social harm and is an activity the bank is heavily exposed to.

“We should expect the banks’ shareholders to hold them to account on this policy and make significant efforts to close the loopholes in this strategy.”

Notes to editors

The Banking Standards team at ShareAction partners with asset managers, asset owners, NGOs, retail investors and representatives of affected communities to demand Europe’s largest banks phase out financing to polluting activities and increase the flow of capital into low-carbon alternatives.

ShareAction is an NGO working to shape a world where the financial system serves our planet and its people. We mobilise global investors to use their influence to drive up labour standards, tackle climate change, protect the natural world, and improve people’s health. We push policymakers to ensure the financial system is working in the best interests of society. We work with people to create a movement for change. Visit shareaction.org or follow us @ShareAction to find out more.