Feb 5, 2020

Barclays faces flak for backing fossil fuel groups

Barclays is under intense pressure over its role in financing fossil fuel producers after a second influential group of big shareholders demanded the British lender adopt a stricter climate change policy. One of the people said Barclays significantly lagged behind European peers, ranking as the biggest financier of fossil fuel companies in Europe. Barclays has provided more than $85bn of finance to fossil fuel companies and high-carbon projects since the Paris Agreement was signed in 2015, according to ShareAction, the charity that co-ordinated the climate change resolution. This makes it the world's sixth-largest backer of fossil fuels, and constitutes the highest level of fossil fuel financing of any European bank, exceeding its peers by $27bn. Crédit Agricole and Standard Chartered also have stricter policies on financing fossil fuel producers.

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