Barclays has come under fire from its shareholders, including the Local Authority Pension Fund Forum (LAPFF), for providing financial support to fracking companies.
Today at Barclays’ annual general meeting (AGM), a group of investors coordinated by ShareAction are calling on the bank to put restrictions on providing finance for all companies that are exclusively focused on fossil fuel extraction, including fracking in North America.
where much of its support as well as making its fracking policy global to cover North America, where most of its fracking clients are based..
The group is made up of 24 investors worth £1 trillion in assets under management including NEST, Cardano, the Church of England Pensions Board, Brunel Pension Partnership, Rathbones Group, Ethos Foundation, La Francaise Asset Management, and the Local Authority Pension Fund Forum (LAPFF).
Later today at the AGM, Tina Rothery from campaign group Nanas Against Fracking will hand in a petition on behalf of over 3,500 members of the public reiterating the demands to end fracking finance.
Nanas Against Fracking led an anti-fracking campaign in Preston that contributed to campaigns that helped the government end its support for fracking in England.
Barclays amended its policy on fracking in February, to no longer directly finance companies that focus solely on oil and gas extraction, but short-term extraction projects are exempted from this commitment, and fracking activities are typically short-term.
Shareaction has argued that the new policy failed to “meaningfully address the bank’s role as Europe’s largest financier of fracking”, and noted that Barclay’s pledge to restrict financing of fracking extended only to Europe and the UK, leaving the majority of fracking clients, based in the US, undisturbed.
Kelly Shields, campaign manager at ShareAction, said: “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.
“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.”
“Despite progress on its oil and gas policy, Barclays continues to leave the door open to pour millions into polluting fossil fuel finance, and particularly worryingly, fracking.”