FinanceMap scores this financial institution in the following areas. Please navigate to the relevant tab for in-depth analysis
FinanceMap assesses these portfolios for this financial institution. Please navigate to the relevant tab for in-depth analysis.
Portfolio Paris Alignment analysis of this institution's activities in this portfolio area in 2020–2021.
Value Assessed: $240B
Sector Paris Alignment scores for the sectors to which this portfolio has exposure. FinanceMap Paris Alignment analysis is limited to the automotive, upstream fossil fuel, and power sectors.
Portfolio Paris Alignment analysis of this institution's activities in this portfolio area in 2020–2021.
Value Assessed: $216B
Sector Paris Alignment scores for the sectors to which this portfolio has exposure. FinanceMap Paris Alignment analysis is limited to the automotive, upstream fossil fuel, and power sectors.
Portfolio Paris Alignment analysis of this institution's activities in this portfolio area in 2020–2021.
Value Assessed: $75.3B
Sector Paris Alignment scores for the sectors to which this portfolio has exposure. FinanceMap Paris Alignment analysis is limited to the automotive, upstream fossil fuel, and power sectors.
Barclays carries out all its asset management activities through third party managers. As such, it does not appear to be actively engaging with companies around climate change. Barclays does not partake in company engagements directly but assesses and monitors the third party managers through due diligence. This includes a framework and structure informing their engagement activities. In the event that direct stocks are selected and any material issues occur, it will review the investment thesis and analyze whether it has affected the investment rationale, however, timelines or specific actions are not detailed. As Barclays does not partake in company engagements directly, does not appear to have driven material changes in company behavior or business models. Barclays participates in a number of collaborative initiatives on climate change; for example, it was a founding member of the Financial Stability Board's Taskforce on Climate-related Financial Disclosures (TCFD).
FinanceMap's methodology to measure the engagement process on climate was developed in consultation with several of the world's leading asset managers and uses key aspects of the UK Financial Reporting Council's 2020 Stewardship Code . The Stewardship Code was chosen to benchmark engagement quality as it provides an ambitious framework and detailed definitions of what constitutes effective engagement. FinanceMap defines the term ‘engagement’ as referring to all investor actions undertaken to influence the management strategy of the companies they own including private communications with corporate management and appointed advisors; questions at AGMs/other company meetings; comments on the company in the media; escalation and the shareholder resolution process (filing, voting behavior). FinanceMap’s methodology breaks the engagement process down into a set of sub-activities and looks for evidence associated with these across publicly available data sources.
Climate-relevance categorization of shareholder resolutions is based on the IPCC’s Special Report on 1.5°C and its concluded need for “rapid and far-reaching transitions in land, energy, industry, buildings, transport, and cities.” FinanceMap scored voting on any resolution where the intent and likely outcome is consistent with this IPCC stated need. The voting data is drawn from asset managers' disclosures to the US Security Exchange Commission (SEC), asset manager websites (including third-party websites they link to), directly from the asset managers, and through specialist voting data provider Insightia. The full list of resolutions assessed is available here.
The following table outlines the key queries and data sources, which FinanceMap uses to assess financial institutions’ sustainable finance policy engagement. Every evidence piece is assessed on a five-point scale of -2,-1,0,1,2 or NA (not applicable)/NS (not scored). All queries, data sources, and evidence pieces are weighted against one another in a matrix system to arrive at a final top-level score. Clicking on specific cells will load the underlying evidence and information on how it has been assessed.
Barclays appears to have had mixed engagement on sustainable finance policy.
Barclays has stated support for the Paris Agreement to keep global temperature rise to 1.5C. It also supported the role for finance in meeting the UK’s net-zero by 2050 target and a socially-just transition. However, in a letter submitted to the Municipal Advisory Council of Texas in 2021, Barclays showed continued support for investing in fossil fuels. Barclays has also supported sustainable finance policy in the UK, but has emphasized that financial sector alignment with net-zero can only happen as part of a whole economy transition.
In feedback to the European Commission's consultation on the Renewed Sustainable Finance Strategy in 2020, Barclays stated support for the expansion of the EU taxonomy to cover environmentally harmful activities. . Barclays has offered broad support for the UK Green Taxonomy in response to the FCA in 2021 and in its 2022 CDP response. However, in its 2021 CDP response, Barclays had argued that the UK taxonomy should be more principles based and more inclusive of transition activities, and in response to the UK’s Update to the Green Finance Strategy in 2022, it also highlighted a number of considerations with respect to the EU Taxonomy and again suggested that transition activities should be included in the taxonomy.
In response to the Commission in 2020, Barclays suggested mandatory implementation of TCFD disclosures. In its 2022 CDP response, it further supported the Corporate Sustainability Reporting Directive (CSDR), but cautioned against including subsidiaries and highlighted challenges with the lack of data. In responses to UK’s Financial Conduct Authority and Department for Business, Energy and Industrial Strategy during 2020-2021, and reinforced in its 2022 CDP response, Barclays supported regulatory implementation of TCFD disclosures on a ‘comply or explain’ basis by listed issuers, as well as by publicly quoted companies, large private companies and LLPs. In response to the Update to the Green Finance Strategy in 2022, Barclays broadly supported the UK Transition Plan Taskforce (UK TPT) proposed disclosures, suggesting that it should include both private and listed companies and highlighted the importance of Scope 3 for investors. In direct response to the UK TPT’s call for evidence, it further supported a prescriptive sector-neutral framework, with a prioritization of highest emitting sectors and critical infrastructure, however, it suggested that biodiversity and nature considerations are phased-in. Barclays has also offered general support for the ISSB’s Climate and Sustainability Disclosure Standards in 2022.
In response to the Commission in 2020, Barclays also supported verification regulation of EU Green Bonds and an ESG label for investment funds, however, it does not appear to support a legislative approach to the EU Ecolabel. In its 2022 CDP response, Barclays further appeared to support a voluntary EU GBS suggesting it should be aligned with the EU Taxonomy and granted until the maturity of the bond. In the UK, Barclays supported a market-based approach over a legislative one in relation to a UK green bond standard in response to the FCA in 2021. In its response on the Update to Green Finance Strategy in 2022, it supported the labeling system under the UK’s Sustainability Disclosure Requirements (SDR), but suggested a less prescriptive approach.
Barclays has a dedicated Public Policy Engagement section on its website featuring clear disclosure detailing its advocacy efforts, although not specifically regarding sustainable finance issues. It has also listed its trade association memberships in the same website, and has detailed actions taken when positions of third party organizations do not align with the company's climate change policy in its 2021 Climate-related Financial Disclosures report.
InfluenceMap’s methodology for assessing lobbying on sustainable finance policy closely follows InfluenceMap’s established methodology on climate policy engagement, which is used extensively by investors, including via the Climate Action 100+ investor engagement process. Our full methodology can be found here.
Under our assessment of sustainable finance lobbying, InfluenceMap considers engagement on all financial policies which intersect with climate and/or other sustainability issues. The analysis takes into account both the engagement of the financial institution and the activities of industry associations they hold membership of.
InfluenceMap’s methodology covers seven publicly available data sources, searching for evidence of engagement and corporate positioning since 2017. To determine the policy issues within the scope of the analysis, InfluenceMap breaks down sustainable finance policy engagement into a series of subcategories, or 'queries'. These are designed to cover high-level issues relating to the importance of sustainable finance, as well as more specific areas of sustainable finance policymaking. InfluenceMap’s research process searches for evidence of an organization's engagement with each sustainable finance policy issue, across each of the data sources.
The following table outlines the key queries and data sources, which FinanceMap uses to assess asset managers' corporate engagement programs. Every evidence piece is assessed on a five-point scale of -2,-1,0,1,2 or NA (not applicable)/NS (not scored). All queries, data sources, and evidence pieces are weighted against one another in a matrix system to arrive at a final top-level score. Clicking on specific cells will load the underlying evidence and information on how it has been assessed.
In this section, we depict graphically the relationships the corporation has with trade associations, federations, advocacy groups and other third parties who may be acting on their behalf to influence climate change policy. Each of the columns above represents one relationship the corporation appears to have with such a third party.
In these columns, the top, dark section represents the strength of the relationship the corporation has with the influencer. For example if a corporation's senior executive also held a key role in the trade association, we would deem this to be a strong relationship and it would be on the far left of the chart above, with the weaker ones to the right. Click on these grey shaded upper sections for details of these relationships. The middle section contains a link to the organization score details of the influencer concerned, so you can see the details of its climate change policy influence. Click on the middle sections for for details of the trade associations. The lower section contains the organization score of that influencer, the lower the more negatively it is influencing climate policy.
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Barclays is a member of CBA (last checked September 2023).
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Barclays is a member of CBA (last checked September 2023).
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
During 2021, Barclays was a member of and contributed to the IIF Sustainable Finance Working Group (SFWG). The SFWG brings together key stakeholders to identify and promote capital markets solutions that support the development and growth of sustainable finance. The SFWG includes representatives from global banks, major institutional investors, credit ratings agencies, consultancies and other interested parties, as well as public sector collaborators such as the UN Environment Programme (UNEP), World Bank/IFC and many more.
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
C. S. Venkatakrishnan is on the board of the IIF (last checked September 2023).
C. S. Venkatakrishnan (CEO)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Jes Staley (CEO, Barclays) is on the board of the IIF
Jes Staley (CEO)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
During 2021, Barclays was a member of and contributed to the IIF Sustainable Finance Working Group (SFWG). The SFWG brings together key stakeholders to identify and promote capital markets solutions that support the development and growth of sustainable finance. The SFWG includes representatives from global banks, major institutional investors, credit ratings agencies, consultancies and other interested parties, as well as public sector collaborators such as the UN Environment Programme (UNEP), World Bank/IFC and many more.
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
C. S. Venkatakrishnan is on the board of the IIF (last checked September 2023).
C. S. Venkatakrishnan (CEO)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Jes Staley (CEO, Barclays) is on the board of the IIF
Jes Staley (CEO)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Louis Molinari is on the MFA board (last checked September 2023).
Louis Molinari (Managing Director, Senior Relationship Management)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Barclays is a strategic partner of the MFA (last checked September 2023).
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Louis V. Molinari is on the MFA board
Louis V. Molinari (Managing Director, Head of Capital Solutions, Barclays)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Louis Molinari is on the MFA board (last checked September 2023).
Louis Molinari (Managing Director, Senior Relationship Management)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Barclays is a strategic partner of the MFA (last checked September 2023).
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Louis V. Molinari is on the MFA board
Louis V. Molinari (Managing Director, Head of Capital Solutions, Barclays)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Barclays is a member of SIFMA (last checked September 2023).
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
[Trade association] Other, please specify (Securities Industry and Financial Markets Association (SIFMA)) [Is your organization’s position on climate change consistent with theirs?] Mixed [Has your organization influenced, or is your organization attempting to influence their position?] We are attempting to influence them to change their position [State the trade association’s position on climate change, explain where your organization’s position differs, and how you are attempting to influence their position (if applicable)] The Securities Industry and Financial Markets Association (SIFMA) is a trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. In 2021, the SIFMA responded to the U.S. Securities and Exchange Commission's (SEC) request for public input on climate change disclosures stating that the SEC and the United States should take an active leadership role in the ongoing international work to facilitate global consistency and pragmatism in climate-related disclosure rules and guidelines.
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Brendan T. Reilly is on the board of SIFMA (last checked September 2023).
Brendan T. Reilly (Head of US Government Relations & Regulatory Policy, Barclays)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Barclays is a member of SIFMA (last checked September 2023).
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
[Trade association] Other, please specify (Securities Industry and Financial Markets Association (SIFMA)) [Is your organization’s position on climate change consistent with theirs?] Mixed [Has your organization influenced, or is your organization attempting to influence their position?] We are attempting to influence them to change their position [State the trade association’s position on climate change, explain where your organization’s position differs, and how you are attempting to influence their position (if applicable)] The Securities Industry and Financial Markets Association (SIFMA) is a trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. In 2021, the SIFMA responded to the U.S. Securities and Exchange Commission's (SEC) request for public input on climate change disclosures stating that the SEC and the United States should take an active leadership role in the ongoing international work to facilitate global consistency and pragmatism in climate-related disclosure rules and guidelines.
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Brendan T. Reilly is on the board of SIFMA (last checked September 2023).
Brendan T. Reilly (Head of US Government Relations & Regulatory Policy, Barclays)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
During 2021, Barclays co-chaired the UK Finance Sustainability Finance Committee.
InfluenceMap Data Point on Corporate - Influencer Relationship
Matt Hammerstein is on the board of UK Finance (last checked September 2023).
Matt Hammerstein (CEO Barclays Bank UK)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
During 2021, Barclays co-chaired the UK Finance Sustainability Finance Committee.
InfluenceMap Data Point on Corporate - Influencer Relationship
Matt Hammerstein is on the board of UK Finance (last checked September 2023).
Matt Hammerstein (CEO Barclays Bank UK)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
[Trade association] Other, please specify (Banking Policy Institute (BPI)) [Is your organization’s position on climate change consistent with theirs?] Mixed [Has your organization influenced, or is your organization attempting to influence their position?] We are attempting to influence them to change their position [State the trade association’s position on climate change, explain where your organization’s position differs, and how you are attempting to influence their position (if applicable)] The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing leading banks in the United States. In 2021, BPI responded to the U.S. Securities and Exchange Commission's (SEC) request for public input on climate change disclosures, stating that BPI supports consistent and meaningful climate disclosures.
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Barclays is a member of BPI (last checked September 2023),
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Jes Staley is on the board of BPI. As of January 2022, Jes Staley does no longer appear to be on the board of BPI.
Jes Staley (Group Chief Executive, Barclays)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
[Trade association] Other, please specify (Banking Policy Institute (BPI)) [Is your organization’s position on climate change consistent with theirs?] Mixed [Has your organization influenced, or is your organization attempting to influence their position?] We are attempting to influence them to change their position [State the trade association’s position on climate change, explain where your organization’s position differs, and how you are attempting to influence their position (if applicable)] The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing leading banks in the United States. In 2021, BPI responded to the U.S. Securities and Exchange Commission's (SEC) request for public input on climate change disclosures, stating that BPI supports consistent and meaningful climate disclosures.
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Barclays is a member of BPI (last checked September 2023),
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Jes Staley is on the board of BPI. As of January 2022, Jes Staley does no longer appear to be on the board of BPI.
Jes Staley (Group Chief Executive, Barclays)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Barclays is a member of the U.S. Chamber of Commerce (last checked September 2023).
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Barclays is a member of the U.S. Chamber of Commerce (last checked September 2023).
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Barclays Wealth and Investment Management is a member of the Investment Association (last checked September 2023).
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Barclays Wealth and Investment Management is a member of the Investment Association (last checked September 2023).
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Barclays is a member of ABA (last checked September 2023).
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Barclays is a member of ABA (last checked September 2023).
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
Barclays Wealth and Investment Management is a member of the Investment Association, which is a national association member of the EFAMA (last checked September 2023).
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
Barclays Wealth and Investment Management is a member of the Investment Association, which is a national association member of the EFAMA (last checked September 2023).
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Barclays is a member of UK Finance which is a national association member of EBF (last checked September 2023).
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Barclays is a member of UK Finance which is a national association member of EBF (last checked September 2023).
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Barclays is an associate member of Japanese Bankers Association (last checked September 2023).
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Barclays is an associate member of Japanese Bankers Association (last checked September 2023).
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Barclays is a direct member of JSDA (last checked April 2023).
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Barclays is a direct member of JSDA (last checked April 2023).
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Raoul Salomon is on the AFME board of directors (last checked September 2023).
Raoul Salomon (Barclays, France CEO and Co-Head of Markets in Barclays Europe)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Carl Scott is on the AFME board of directors
Carl Scott (Head of EMEA Rates Trading and Global Head of Counterparty Risk Trading (CRT) within Barclays’ Corporate & Investment Banking (CIB) division)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Nat Tyce is on the AFME board of directors
Nat Tyce (Co-head of Macro Trading, Barclays)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Raoul Salomon is on the AFME board of directors (last checked September 2023).
Raoul Salomon (Barclays, France CEO and Co-Head of Markets in Barclays Europe)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Carl Scott is on the AFME board of directors
Carl Scott (Head of EMEA Rates Trading and Global Head of Counterparty Risk Trading (CRT) within Barclays’ Corporate & Investment Banking (CIB) division)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Nat Tyce is on the AFME board of directors
Nat Tyce (Co-head of Macro Trading, Barclays)
Barclays is aligned with the TCFD’s recommendation regarding the governance of climate risk. The board has incorporated climate-related issues into corporate strategy, for example, through its net zero goal, and it monitors the implementation of this strategy. It has assigned clear climate-related responsibilities to management-level positions and committees and there are clear processes in place to ensure they monitor the progress of climate-related issues and initiatives.
It has clearly defined the climate-related risks and opportunities it considers relevant to its business operations over different time horizons and is transparent about its climate-related business exposure across its lending, financing, and underwriting activities. It discusses the different management approaches of the various climate-related risk areas; however, it is unclear what processes are used to determine which risks and opportunities could have a material financial impact on the organization.
Barclays is transparent about the impact of climate-related risks and opportunities on its corporate strategy and financial planning, including detailed examples of how these have been considered. For example, in its 2020 TCFD report, it includes a detailed description of how it is approaching aligning its investment portfolio with the goals of the Paris Agreement using its BlueTrack methodology.
It uses climate scenarios to discuss the resilience of its business strategy and has conducted stress testing in 2019 and 2020. The CDP response also references the 2019 stress test, which used the IPCC’s RCP2.6 scenario. It has also participated in the pilot testing of 2DII's climate scenario analysis of corporate lending portfolios using PACTA.
Barclays uses risk management processes to identify and prioritize climate-related risks, and it has described how it determines the relative significance of climate-related risks. Risky types are broken down into credit, market, treasury and capital, and operational risk, and each is discussed in detail in the 2020 TCFD report and 2020 CDP response.
This risk management reporting includes descriptions of how each risk type is managed; however, references for how it prioritizes, mitigates, transfers, accepts, or controls climate-related risks are not described in the same level of detail. It has clearly integrated its climate-related risk management processes into its overall risk management approaches.
Barclays is transparent about the key metrics used to measure and manage climate-related risks and opportunities. This is available in it's reporting and through its 'climate dashboard'.
The organization discloses Scope 1, Scope 2 emissions data and has some relevant Scope 3 emissions which include its credit exposure to carbon-related assets. It uses its proprietary 'BlueTrack' methodology to calculate and track its financed emissions in the power and energy sector against Paris Aligned scenarios. In it's 2022 Climate Strategy Report, it disclosed baseline financed emissions for the cement and steel sectors.
Is transparent about metrics and targets uses to measure and monitor Paris alignment of its business activities under its net-zero climate policy. In its 2020 TCFD Report, Barclays outlined 2025 targets benchmarked against the IEA Sustainable Development Scenario for its Energy and Power portfolios, which included lending and capital market activities. In March 2022, Barclays reported on progress made against these targets, and outlined new 2030 targets for four sectors: energy, power, cement, and steel benchmarked against the IEA Net Zero Emissions scenario.
It has communicated support for a phase-out of coal in the energy mix using the IEA SDS and acknowledges that investment in coal for energy needs to end by 2030. However, the organization has not committed to ending the financing of unabated coal by 2030. It will continue to finance companies with thermal coal exposure after 2030, however, this support appears to be conditional on the company being committed to transitioning in line with the Paris Goals. It is unclear how Barclays defines this commitment.
With regard to natural gas, Barclays has set exclusionary policies that limit financing of certain activities; however, the organization appears to otherwise participate in unabated natural gas financing. The organization appears to have a similar position on oil investments. It has established oil financing exclusion policies for specific activities like Arctic drilling or tar sands, but appears to otherwise finance expanding oil infrastructure.
Barclays has communicated support for a net-zero economy, and it is supporting this through pledging to become a net-zero bank. It appears to be working towards aligning its financing activities to reflect an Paris Aligned energy mix through aligning its energy financing portfolio with the IPCC guidance between 2020-2050 across all technologies to support the transition to a renewables-based energy system.
FinanceMap’s Climate Governance and Policies analysis assesses statements financial institutions (FIs) are making on how they are incorporating climate issues into their decision-making and operations using FinanceMap’s matrix methodology. This methodology is adapted from the Task Force on Climate-Related Financial Disclosures (TCFD) recommendations and guidelines, Net-Zero Banking Alliance (NZBA) or equivalent Glasgow Financial Alliance for Net-Zero (GFANZ) initiative reporting, and IPCC and IEA technology statements. The TCFD provide guidance on 11 recommendations across four areas which are reflected in our matrix: Governance, Strategy, Risk Management, and Metrics and Targets. Additional benchmarks have been introduced to strengthen the ambition of scoring criteria in the assessment of targets, which are supplemented by guidance from the NZBA or equivalent GFANZ initiatives.
Additionally, Science-Based Policy (SBP) benchmarks are used to measure alignment of an FIs technology positions with the science of climate change. These benchmarks are applied to an FIs internal policies on technologies including coal, oil, gas, nuclear, and renewables and also assesses its engagement with broader climate and energy policy issues such as advocacy on the role and importance of different strategy types in the future energy mix.
For each TCFD recommendation and technology, FIs statements are applied to a five point scoring scale ranging from +2 to -2, measuring alignment with the relevant benchmarks. The detailed scores for this FI are displayed below within each matrix cell.
The following table outlines the key queries and data sources, which FinanceMap uses to assess financial institutions climate governance, targets and policies. Every evidence piece is assessed on a five-point scale of -2,-1,0,1,2 or NA (not applicable)/NS (not scored). All queries, data sources, and evidence pieces are weighted against one another in a matrix system to arrive at a final top-level score. Clicking on specific cells will load the underlying evidence and information on how it has been assessed.
Open PDF file of Data Source
Open PDF file of Data Source