Barclays announces increase in sustainable finance funding by 2027

(Alliance News) - Barclays PLC on Wednesday said it is increasing its sustainable finance ...

Alliance News 14 December, 2022 | 8:38AM
Email Form Facebook Twitter LinkedIn RSS

(Alliance News) - Barclays PLC on Wednesday said it is increasing its sustainable finance investments, citing a growing opportunity to speed up the energy transition to renewables and energy efficient technology.

The London-based bank said its sustainable impact capital investment mandate will rise by GBP175 million by 2025 to GBP500 million by the end of 2027.

The investments focus on "essential" green technologies and business transformations.

"In the last two and a half years, Barclays has invested GBP84 million into innovative start-ups, helping them to scale solutions to environmental challenges and fill their growth stage funding gaps. The sustainable impact capital investments have supported many aspects of climate-tech innovation, from property retrofit solutions to long-duration energy storage and hydrogen technologies.

"This next phase of sustainable impact capital investments will see an enhanced focus on decarbonisation technologies that are enabling transition within carbon intensive sectors, particularly where Barclays has meaningful client exposure such as energy and power, real estate and transport. A particular focus will be on carbon capture and hydrogen technologies," Barclays said.

Daniel Hanna, Barclays global head of sustainable finance for the corporate & investment bank, said: "The final COP27 text stated that USD4 trillion to USD6 trillion a year needs to be invested in renewables and decarbonisation solutions until 2030 – including investments in technology and infrastructure – to allow us to reach net-zero emissions by 2050. Barclays is uniquely positioned to help scale the new climate technologies that will decarbonise industries and create green jobs. Many of the technologies that are required to achieve Net Zero have not yet reached commercial scale. Barclays can play a critical role though leveraging our experience as an advisor, bank, and investor through our sustainable impact capital programme to help accelerate their development and adoption."

Barclays shares were 0.2% lower at 161.50 pence each on Wednesday morning in London.

By Tom Budszus, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2022 Alliance News Ltd. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Barclays PLC 202.00 GBX -1.54

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2024 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures