Alex Barclays accused of bankrolling oil giants despite climate pledge Shareholders have tabled a resolution demanding that Barclays phase out its financing for coal, oil and gas companies By Lucy Burton 4 April 2021 • 8:30pm Extinction Rebellion stage a protest in Glasgow against the role of banks in the climate crisis Credit : PA Activists have accused Barclays of bankrolling multibillion-pound deals that expanded the fossil fuel industry last year despite the bank vowing to act on climate change. The UK bank last year participated in deals that arranged $97.6bn (£70.6bn) of loans and bonds for eight of the world’s largest oil and gas companies, BP, Chevron, Eni, Equinor, ExxonMobil, Repsol, Shell and Total, despite promising to shrink its carbon footprint to net zero by 2050, according to climate campaigners Market Forces. The figures come as shareholders pile pressure on to the bank over its climate change policies for the second year in a row as it remains one of Europe’s largest backers of fossil fuels. […] Earlier this month HSBC dodged a backlash from major investors by pledging to phase out financing of coal-fired power by 2040. […] Last week Extinction Rebellion activists posed as dead bodies outside two Barclays branches in Scotland and splashed black dye over the Bank of England.
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