Barclays CEO CS Venkatakrishnan stresses that banks cannot completely cut ties with oil and gas sectors, despite pressures from climate activists. The bank aims for net zero emissions by 2050 amidst ongoing scrutiny and potential disassociation threats.
Barclays CEO CS Venkatakrishnan has asserted that it is unrealistic for banks to completely sever ties with the oil and gas sectors despite their role in global warming. Speaking at the Bloomberg Sustainable Finance Forum in London, Venkatakrishnan emphasized that banks “cannot go cold turkey” on fossil fuels. He highlighted Barclays’ commitment to moving away from coal and oil towards cleaner energy sources, underlining the bank’s goal to achieve net zero emissions by 2050.
The comments come amid heightened scrutiny from climate activists, including repeated actions by Just Stop Oil targeting Barclays’ branches. The bank also faces potential disassociation from Cambridge University over its climate change policies.
In February, Barclays announced it would cease direct financing of new oil and gas projects, responding to pressure from net zero advocates, though this has not quelled campaigner criticism. Preparations for the imminent Wimbledon tournament, where Barclays is a sponsor, include increased security measures to address possible protests.
