Oxfam to drop Barclays over fossil fuel financing

Charity Oxfam is set to drop Barclays as one of its banks over concerns how it finances the oil and gas industry.

As reported by The Times, the charity, which has raised £98 million in the UK last year, wrote to Barclays in December 2023 warning the bank of its intention to withdraw cash deposits.

“This is something we have been considering for some time due to their record on climate change,” the Oxfam spokesperson said.

“Through our work with communities around the world, we see first hand the injustice of the climate crisis which is destroying homes, livelihoods and lives on an unprecedented scale.

“We decided that the extent of Barclays’ continued financing of fossil fuels was such that, where possible, we should move our business elsewhere.”

Although its principal bank is NatWest, Oxfam has been using Barclays for 15 years.

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A Barclays spokesperson said: “Barclays has reduced its financed emissions of the energy sector by 32% since 2020, which exceeds our 2025 target.

“We are committed to financing the energy transition, investing in the climate technologies required to build low-carbon capacity as we support those clients investing to achieve net zero.”

Oxfam becomes the latest organisation to drop Barclays. Late last year, the University of Cambridge explored divesting from Barclays due to climate change challenges.

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