Bank sets emission targets for motor and real estate industries
A Barclays sign is seen outside a branch of the bank in London, Britain. File photo: STEFAN WERMUTH/REUTERS
The British lender on Wednesday extended a previously announced plan to phase out financing for clients involved in coal-fired power generation by 2030 from the UK and EU, to include other countries in the Organisation for Economic Co-operation and Development. Announcing results for 2022, Barclays said it will stop financing all oil tar sands companies, as well as new oil sands pipelines, whereas previously it had said it would work with those firms undertaking efforts to reduce their emissions.
Barclays also set its first emission-cutting target for the automotive manufacturing industry, with a pledge to reduce emissions intensity by between 40% and 64% by 2030 against a 2022 baseline.
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