UK Students Launch Barclays 'Career Boycott' Over Bank's Climate Policies

Hundreds of students from leading UK universities have launched a 'career boycott' of Barclays over its climate policies, warning that the bank will miss out on top talent unless it stops financing fossil fuel companies. From a report: More than 220 students from Barclays' top recruitment universities, including Oxford, Cambridge, and University College London, have sent a letter to the high street lender, saying they will not work for Barclays and raising the alarm over its funding for oil and gas firms including Shell, TotalEnergies, Exxon and BP. 'Your ambitious decarbonisation targets are discredited by your absence of action and the roster of fossil fuel companies on your books,' the letter said. 'You may say you're working with them to help them transition, but Shell, Total and BP have all rowed back.'

Large oil firms have started to water down climate commitments, including BP, which originally pledged to lower emissions by 35% by 2030 but is now aiming for a 20% to 30% cut instead. Meanwhile, ExxonMobil quietly withdrew funding for plans to use algae to create low-carbon fuel, while Shell announced it would not increase its investments in renewable energy this year, despite earlier promises to slash its emissions. The letter calls on Barclays to end all financing and underwriting of oil and gas companies -- not only their projects -- and to boost funding of firms behind wind and solar energy significantly.

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