Finance

Barclays says Ukraine crisis may hinder progress on climate goals

LONDON, March 22 (Reuters) – British financial institution Barclays (BARC.L) stated on Tuesday disruption in power markets since Russia’s invasion of Ukraine might hamper its capacity to fulfill its carbon emission discount targets.

In a discover forward of its annual investor assembly, Barclays additionally stated it was planning extra restrictive insurance policies on coal, together with ultimate exit dates on a “progressive phase-out” of thermal coal financing.

The announcement from Barclays comes as different British lenders reminiscent of HSBC (HSBA.L) likewise toughen their local weather commitments, in response to stress from activists who’ve mustered main shareholders to help their stance.

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HSBC final week stated it will additional scale back financing to the fossil gas business, publish extra information on how it’s implementing its objectives and hyperlink progress on that to govt pay. learn extra

Barclays stated it will section out financing of thermal coal mining by 2030 in OECD nations and by 2035 in the remainder of the world.

The lender can even not tackle new financing purchasers that generate greater than 5% of their income from thermal coal mining from the beginning of 2023.

The Ukraine disaster might threaten progress in the direction of the financial institution’s local weather targets, it added.

“We should always recognise that the battle at the moment happening in Ukraine has enormously exacerbated present provide pressures on power techniques, notably within the UK and the EU,” the financial institution stated.

“Within the close to time period, the present disruptions might enhance volatility in our progress in the direction of our 2025 and 2030 emission discount targets.”

Barclays says shareholders might be given a ‘Say on Local weather’ vote at this yr’s annual basic assembly in Manchester, northern England, on Could 4.

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Reporting by Iain Withers and Lawrence White, Enhancing by Sinead Cruise

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