Barclays: close the loophole in your new energy policy and stop financing fracking
Barclays' recently published a new energy policy - including a commitment to stop financing new oil and gas projects.
But we still have concerns about a loophole which allows the bank to continue financing huge fracking companies. Fracking, which involves the use of toxic chemicals, can risk causing air and water pollution and health issues for communities living nearby.
Take Barclays' top fracking client, EQT Corp as an example, which it has provided a total of US$1.8 billion since 2016. EQT Corp is one of America's largest producers of shale gas, with plans to expand production - plans which fail to align with the path to net zero.
The new policy allows Barclays to continue financing this company with no strings attached.
Add your name to our open letter to Barclays today - ask them to close this loophole.
We will be heading to Barclays' AGM on the 9 May in Glasgow, and we would love your support as we face the company directors, asking them to close the loophole in the new policy and choose the planet over profit.
Dear Barclays,
It is no longer acceptable to provide US$16.6 billion to the fossil fuel industry, as you did in 2022. Continued funding of fossil fuel expansion is destroying the planet we call home, creating an unstable future for us and for generations to come.
I'm therefore joining ShareAction in calling on you to strengthen your energy policy. Barclays must rule out financing all companies that focus solely on fossil fuel extraction, especially your fracking clients. This reckless fossil fuel activity can risk damaging the environment and the health of local communities.
I understand that there has been progress made on your existing policy following discussions with ShareAction and other stakeholders. But to align with Barclays' commitment to net zero, we are urging you to go further. Please close the loophole in your new energy policy that allows you to finance fracking activity and expansion.
