Barclays' policy tweak needs to be the first step on a much longer journey, ActionAid says

Responding to Barclays’ newly announced oil and gas policy, ActionAid International’s Global Lead on Climate Justice, Teresa Anderson, said: 

“In their continued financing of fossil fuels, banks like Barclays are the unsung villains of the climate catastrophe.  

“Barclay’s new policy is an improvement - but that was from an extremely low starting point. However, this policy tweak needs to be the first step on a much longer journey. 

“While there are now some limitations on specific projects, their policy would still channel financing to fossil fuel corporations and drive devastating fossil expansion. By itself, this policy does not yet make a dent in the harm suffered by the women, girls and frontline communities in the Global South who bear the disproportionate effects of pollution, land grabs and climate disasters. 

“With the news this week revealing that 2023 was the first time that the world has exceeded 1.5°C of warming over a 12-month period, climate action needs to be urgent, not incremental. Barclays needs to go much further, and much faster.”  

Contact the ActionAid Press Office on [email protected] or +263776665065