UK university students boycott over Barclays' climate policies | Finance

UK students have launched a “professional boycott” of Barclays, one of the region's major banks. More than 220 of them signed a letter from major universities recruiting the financial institution, including Oxford, Cambridge and London College.

“Their ambitious decarbonisation targets are undermined by their lack of action and the list of fossil fuel companies on their books,” the document says. “You can say you're working with them to help them transition, but Shell, Total and BP have backed off.”

Big oil companies pledged to cut greenhouse gas emissions by 35% by 2030, but now they intend to cut 20% to 30%.

Many of these businesses have also taken other actions that conflict with climate goals. ExxonMobil quietly withdrew funding for plans to use algae to make low-carbon fuels; And Shell, despite earlier promises, announced it would not increase its investments in renewable energy this year.

The letter calls on Barclays to end all funding and underwriting of oil and gas companies and significantly increase funding for those linked to wind and solar energy.

“Recruiting the younger generation will be another headache for Barclays as it relies heavily on STEM candidates for companies building new oil and gas infrastructure. [ciência, engenharia, tecnologia e matemática] From Oxbridge and other top universities,” Michelle Hemmingfield, representative for UK Students for Sustainability, who led the letter, told The Guardian.

Object of controversy

This year, Barclays was targeted by climate activists at its annual general meeting. In addition, celebrities, politicians and other British figures have campaigned for the Wimbledon tennis tournament to end its multi-million dollar sponsorship deal with the bank, which they claim is “funding and profiting from climate chaos”.

Another controversy involving the company involved pressure from the National Trust, one of Great Britain's most powerful charities, to cut ties due to environmental issues.

In response, a Barclays spokesperson said: “In line with our ambition to be a net zero bank by 2050, we believe we can make a huge difference by working with our clients as they transition to a net zero business model. Expanding operations, low-carbon technologies, infrastructure and capacity.

The financial institution highlighted that it has set targets for 2030 to reduce emissions by financing five high-emissions sectors, including energy, and intends to facilitate US$1 billion (about R$4.8 billion) in sustainable and transitional financing through 2030.