UK students threaten ‘career boycott’ unless Barclays stops funding fossil fuel giants

Barclays, the British banking giant, has been targeted by more than 200 students from the UK’s leading universities who have threatened of a “career boycott” because of the bank’s climate policies. The students from Barclays’ top recruiting universities including Cambridge, Oxford and University College London have said that the bank will not get the top talent till it stops financing fossil fuel giants. Barclays funds companies like Shell, Exxon, British Petroleum and more.

“Your ambitious decarbonisation targets are discredited by your absence of action and the roster of fossil fuel companies on your books,” the letter from the students said, as reported by The Guardian.

“You may say you’re working with them to help them transition, but Shell, Total and BP have all rowed back.”

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Large oil an gas companies have begun to dilute their previous climate commitments. The British Petroleum (BP) had previously made a pledge that it would lower emissions by 35 per cent by the year 2030. However, it later said that it was aiming a reduction of 20 to 30 per cent.

Media reports have said that ExxonMobil has stopped funding for plans to make low-carbon fuel. Shell earlier said that it would slash its emissions but has now said that it would not boost investment in renewable energy in the current year.

The letter from the students has asked that Barclays end financing and underwriting of fossil fuel companies and fund companies in wind and solar energy sectors.

“New recruitment of the younger generation will be another headache for Barclays as long as it continues to finance companies building new oil and gas infrastructure, since it relies heavily on Stem [science, engineering, technology and mathematics] applicants from Oxbridge and other top universities,” said Michelle Hemmingfield, a representative of Students Organising for Sustainability UK, as quoted by The Guardian.

Such a step from UK students is not unprecedented. In May this year, more than 500 students and recent graduates from top British universities had targetted insurance companies demanding they stop supporting fossil fuel. Firms like Beazley, Hiscox, Tokio Marine Kiln, Chaucer were targetted.

As quoted in media reports, Barclays has said that it aims to be a ‘net zero bank by 2050’ and underlined the banking giants belief that it can make ‘greatest difference by working with our clients as they transition to a low-carbon business model’.

“We have set 2030 targets to reduce the emissions we finance in five high-emitting sectors, including the energy sector, where we have achieved a 32% reduction since 2020,” the spokesperson is quoted as saying by The Guardian.

(With inputs from agencies)