Let’s tell Barclays and their shareholders that fossil fuel is dead!
Carbon emissions must start declining steeply now if we are to stand a chance of avoiding catastrophic climate breakdown. Yet Barclays has invested £70 billion in fossil fuels and carbon intensive companies since the Paris Accord was signed in 2015 – and they show no signs of stopping. Just to add to the madness, it makes no sense financially. Oil prices are volatile and no longer a safe investment for shareholders.
This action will start now, culminating with a swarm of Barclays’ social media on Thursday 7th May, 11am, the day of the AGM.
This action will be aimed at shareholders, big business investors and Barclays, as these are the people who will either be voting at the AGM or will know people who are.
Barclays have said they will go net zero by 2050, but given no commitment to stop fossil fuel investment. In January, an influential group of Barclays Shareholders, represented by ShareAction, tabled a motion to phase out all fossil fuel investments. This will be on the table at the AGM on Thursday 7th May. Let’s strengthen their voice and tell other shareholders to follow them!
So what can i do ?
Help raise a social media storm! At 11am on Thursday 7th May, comment, post and share, then comment and share again!
Suggested hashtags: #dontbankonbarclays, #nomoneyinoil, #fossilfuelisdead
You can also email the company secretary – email@example.com
Suggested text – feel free to amend as you like, or of course you can write your own message!
I was pleased to see that Barclays has announced a commitment to go net zero for carbon emissions. However, it’s very troubling that you have given no commitment to phase out investment in fossil fuels. The science is clear – to avoid catastrophic global heating, what we do over the next five years is crucial. Drastic action is needed.
I urge the Barclays board to show leadership on this issue. Tell the world that you’re serious about tackling the climate emergency, and this isn’t just a piece of corporate greenwashing. Give a clear, timebound commitment to phase out fossil fuels.
Killer Facts: Feel free to use these, or source your own facts to highlight the many ways that Barclays are putting our future at risk.
- 33 global banks (including Barclays) have provided $1.9 trillion to fossil fuel companies since the adoption of the Paris climate accord in 2015.
- Bank financing for fossil fuels has increased each year since the PCA.
- Over the past three years those same banks provided financial services worth $600 billion to the 100 companies with the largest investments forecast in new fossil fuel extraction, infrastructure, and power generation.
- Barclays are 6th worst in the world of banks investing in fossil fuel since the PCA.
- Barclays are the top European banker of fracking and coal, and lead as the worst European bank for fossil fuel investment.
- Barclays have invested $85 billion (£70b) in fossil fuels and $24 billion (£20b) into expansion since the PCA in 2015.
Email YOUR Pension Provider
If you have a pension, there’s a good chance your pension savings are invested in Barclays. Make your voice count! Use this link to see whether your pension manager invests in Barclays, and to email them asking them to vote for the ShareAction resolution.
Switch Your bank
Do you currently bank with Barclays? For a bank, customers voting with their feet is the most powerful persuasion of all! Click here to find an ethical alternative. (If you don’t bank with Barclays, use this tool to see how your own bank is doing. Barclays is just the worst of a pretty bad bunch.)
find out more
|Extra info and links to interesting articles: Barclays fossil fuel investment breakdown (The summary below shows the split of the $24 Billion invested in FF exploration and expansion, it does not include the $85 Billion invested in existing fossil fuel involvement)|
|Type of Investment||Rank (off 33)||$ invested since PCA (2015 – 2018)|
|Tar Sands||7th||2.5 Billion|
|Arctic Oil & Gas||17th||262 Million|
|Ultra-Deep Water Oil & Gas||10th||1.6 Billion|
|Fracked Oil & Gas||6th||13 Billion|
|Liquefied Natural Gas||15th||1.4 Billion|
|Coal Mining||18th||231 Million|
|Coal Power||7th||3.2 Billion|
Above data obtained from banktrack.org
- Guardian article from Feb 2020 – https://www.theguardian.com/business/2020/feb/05/barclays-bank-revolt-investor-forum-fossil-fuels-climate
- DIVEST Action group web site – https://peopleandplanet.org/divest-barclays
- Article in energy voice about Greenpeace action – https://www.energyvoice.com/other-news/225869/greenpeace-target-barclays-branches-over-oil-and-gas-support/
- Barclays voting recommendation published March 2020 – https://home.barclays/content/dam/home-barclays/documents/investor-relations/reports-and-events/AGM2019/NOM-2019.PDF
- Article in the Independent from Jan 2020 – https://www.independent.co.uk/news/business/news/barclays-bank-shareholder-climate-change-resolution-fossil-fuels-a9275926.html
- Loads of good stuff – https://www.banktrack.org/
- Good detailed report – https://www.ran.org/bankingonclimatechange2020/
- Barclays petition already on change.org: https://www.change.org/p/barclays-barclays-stop-funding-fossil-fuels?_pxhc=1587576507221
- The geographical distribution of fossil fuels unused when limiting global warming to 2 °c – https://www.nature.com/articles/nature14016
- The majority of fossil fuel reserves are unburnable if the world is to avoid dangerous climate change – https://www.carbonbrief.org/study-most-fossil-fuels-unburnable-without-ccs
- Meeting two degree climate target means 80 per cent of world’s coal is “unburnable”, study says –https://www.carbonbrief.org/meeting-two-degree-climate-target-means-80-per-cent-of-worlds-coal-is-unburnable-study-says