Boss of Barclays bank claims it’s ‘unrealistic’ to abandon oil and gas
June 27th, 2024
The CEO of Barclays bank defended the institution’s stance on fossil fuels, describing calls to immediately sever ties with oil and gas clients as “unrealistic.” CS Venkatakrishnan emphasized that the finance industry cannot abruptly abandon the sector, stating, “It can’t go cold turkey.”
Earlier this year, Barclays announced it would cease direct funding for new oil and gas projects, a move initially prompted by mounting pressure from climate activists. In May, demonstrators gathered at the Barclays AGM, urging Barclays to cut their alleged ties with companies investing in fossil fuels.
Barclays has ranked eighth globally in funding fossil fuels since 2015, totaling $235.2 billion, solidifying its position as Europe’s leading lender to the industry. Despite these steps, campaigners argue Barclays could have made more substantial commitments, suggesting the UK banking giant’s actions now place added pressure on U.S. counterparts.