500 signatures reached
To: Jes Staley, Barclays CEO
Barclays: No More Oil, Invest in a Greener Future
Barclays has loaned £91 billion to fossil fuel companies since the signing of the 2015 Paris Climate Agreement, propping up an industry responsible for the majority of global carbon emissions, and accused of human rights abuses across the globe. Barclays’ reckless financing ensures the exacerbation and the direct destruction of livelihoods and habitats through new extractive infrastructure.
1) Barclays should stop financing all fossil fuel companies and projects as soon as possible, providing no new loans for extractive infrastructure like pipelines, new gas and coal mines. Instead Barclays has the opportunity, as the viability of oil companies is called into question, to be at the forefront of a new green economy in the wake of the COVID-19 pandemic, providing loans for renewable energy infrastructure.
2) The academic community has a right and duty to raise its voice in calling on institutions such as Barclays to take ambitious climate action that matches the severity of the climate crisis they helped fund.
We are calling on:
1) Shareholders to vote in favour of ShareAction’s resolution at Barclays AGM – to demonstrate that people and institutions can collaborate to tackle the climate crisis and to ensure real climate action, not just warm words.
2) Barclays to announce an ambitious plan to immediately phase out the financing of fossil fuels. Barclays state it is their “ambition” to be a net zero bank by 2050 but this does not display ambition on the scale required by the climate crisis. We want far-reaching policies reducing Barclays’ carbon exposure and financial support for new extractive projects.
If Barclays fails to take these measures and votes down real climate motions, we call on our universities to cut ties with Barclays.
Why is this important?
Universities are establishments that value critical research and learning but also the long-term prosperity of all students and staff, and of society as a whole. Collectively, we want our institutions to protect the futures we work to realise and to protect our planet and its fragile ecosystems, not to partner with banks financing destructive projects targeting Indigenous land. Our institutions’ commitments to society and the planet must mean putting our money where our mouth is.
As members of academic institutions, we have a duty to act on these pressing issues, leading by example. We support the aims of the students' Divest Barclays campaign and value their contribution to this debate.