Skip to main content

Barclays investor slams bank's ‘sustainable’ financing as ‘totally dishonest’

ONE of Barclays’ own investors slammed the bank as “totally dishonest” for claiming that billions handed to fossil fuel companies is “sustainable,” an investigation found tomorrow.

The bank claims it is combating climate change by pledging to raise £0.8 trillion in sustainable and transition finance. 

Providing sustainability-linked loans and bonds, firms involved must agree to reach climate targets or risk higher interest rates.

But the Bureau of Investigative Journalism (BIJ) found that targets can be low, along with penalties for failing to meet them. 

Last year, it said the bank raised billions in sustainability-linked loans and bonds for Enbridge, which is expanding oil and gas infrastructure, and Harbour Energy, Britain’s largest oil and gas producer.

BIJ spoke to Andrew Harper of Epworth Investment Management, a firm owned by the Methodist Church, which invests in the bank, who said that it was “totally dishonest.”

“If they are calling the financing of any fossil fuel companies sustainable finance, that to me is greenwash.”

OWNED BY OUR READERS

We're a reader-owned co-operative, which means you can become part of the paper too by buying shares in the People’s Press Printing Society.

 

 

Become a supporter

Fighting fund

You've Raised:£ 8,738
We need:£ 9,262
12 Days remaining
Donate today