Reported 8 months ago
Barclays' CEO expressed that it would be unrealistic for the finance sector to immediately sever connections with fossil-fuel clients to comply with climate activists' demands for net zero emissions. While the bank is transitioning away from coal and oil, the CEO emphasized the gradual shift towards cleaner energy, citing the indispensability of natural gas. The cautious approach aligns with warnings from other Wall Street CEOs on the energy security risks involved in complete divestment from fossil fuels amid growing protests and bans faced by banks for their support. Barclays, for instance, faced criticism for not being 'green enough' by some UK universities while also enduring backlash for a Texas ban affecting its business. Nevertheless, Barclays remains committed to managing extremes and supporting clients through the energy transition as part of its diversified banking operations.
Source: YAHOO