Institutional investors with assets worth $1.2 trillion urge Barclays to halt financing fracking
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A group of 24 institutional investors, collectively managing $1.2 trillion in assets, are urging Barclays Plc to cease financing fracking. They argue that Barclays’ recent commitment to limit financing for fossil fuel companies focused solely on exploration and extraction is inadequate.
“Investors, the public and people whose lives have been impacted by fracking are making it clear to Barclays they must stop funding this damaging and dangerous fuel,” Kelly Shields, campaign manager at ShareAction, told Bloomberg.
“It is now up to Barclays to close the loopholes in its energy policy, moving away from financing companies that exclusively work on extracting fossil fuels and especially fracking companies, which are putting people and the planet at risk, ” Shields added.
Also read: California releases plan to phase out fracking, ending three-year de facto ban
Investors, including the Church of England Pensions Board, Cardano, and AkademikerPension, have signed a letter outlining their demands to Barclays’ board and senior executives.
The letter, coordinated by London-based nonprofit ShareAction, was strategically timed to coincide with Barclays’ annual general meeting on Thursday.
Earlier this year, Barclays committed to halting direct financing of new oil and gas projects and limiting financing for companies solely focused on fossil-fuel exploration and extraction.
Barclays has shown signs of adjusting its stance on fracking. Last year, the bank withdrew from a $325 million loan to ProFrac Holdings, a fracking company. This financing was subsequently taken over by Bank of America Corp., JPMorgan Chase & Co., and US regional bank Fifth Third.
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