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Barclays PLC on Wednesday said it is increasing its sustainable finance investments, citing a growing opportunity to speed up the energy transition to renewables and energy efficient technology.
The London-based bank said its sustainable impact capital investment mandate will rise by £175 million by 2025 to £500 million by the end of 2027.
The investments focus on ‘essential’ green technologies and business transformations.
‘In the last two and a half years, Barclays has invested £84 million into innovative start-ups, helping them to scale solutions to environmental challenges and fill their growth stage funding gaps. The sustainable impact capital investments have supported many aspects of climate-tech innovation, from property retrofit solutions to long-duration energy storage and hydrogen technologies.
‘This next phase of sustainable impact capital investments will see an enhanced focus on decarbonisation technologies that are enabling transition within carbon intensive sectors, particularly where Barclays has meaningful client exposure such as energy and power, real estate and transport. A particular focus will be on carbon capture and hydrogen technologies,’ Barclays said.
Daniel Hanna, Barclays global head of sustainable finance for the corporate & investment bank, said: ‘The final COP27 text stated that $4 trillion to $6 trillion a year needs to be invested in renewables and decarbonisation solutions until 2030 including investments in technology and infrastructure to allow us to reach net-zero emissions by 2050. Barclays is uniquely positioned to help scale the new climate technologies that will decarbonise industries and create green jobs. Many of the technologies that are required to achieve Net Zero have not yet reached commercial scale. Barclays can play a critical role though leveraging our experience as an advisor, bank, and investor through our sustainable impact capital programme to help accelerate their development and adoption.’
Barclays shares were 0.2% lower at 161.50 pence each on Wednesday morning in London.
By Tom Budszus, Alliance News reporter
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