Barclays commits to 100% renewable energy by 2030

The British multinational investment bank Barclays has entered RE100, a global initiative committing to source 100% renewable electricity for their global operations by 2030.

RE100 is an initiative, directed by The Climate Group in partnership with CDP, which aims to accelerate zero-carbon energy on a global scale and now leads 179 international companies in their commitments to source 100% renewable electricity.

Barclay’s goal has an interim target of 90% renewable electricity by 2025, marking the point at which the bank has reduced its global emissions by 80%.

“Banks have broad environmental and social impact – both through our own operational footprint, as well as through the ways that we mobilize capital, advise clients and develop products,” said Barclays’ Global Head of Sustainability & Citizenship, Elsa Palanza.

“Joining RE100 and committing to sourcing 100% of our electricity needs from renewable sources enables us to minimize our direct carbon emissions while we continue to work with our clients to help facilitate the global transition to less carbon intensive sources of energy.”

To achieve its goal, Barclays will direct efforts signing greater renewable energy volumes to market via power purchase agreements (PPAs) with energy providers. These efforts will specifically target the UK and USA, where over 70% of the company’s current energy usage is located.

PPAs are increasing as methods of renewable sourcing schemes. In RE100’s most recent Progress and Insights Report, PPAs covered 16% of renewable electricity used by RE100 member companies.

Barclays’ commitment has arrived in light of efforts to boost green finance. Barclays’ UK Chairman Sir Ian Cheshire has expressed how green banking should be seen as an opportunity and cements greater business sustainability. He says business agendas are becoming increasingly mainstream and a wider shift in the economy is moving from a ‘take, make and dispose’ linear economy, to a circular economy.

The bank has joined other multinational corporations such as Google, Goldman Sachs, Facebook and Microsoft in committing to a sustainable future under the RE100 framework.

Head of RE100 within The Climate Group, Sam Kimmins, said: “When one of the world’s largest banking institutions commits to 100% renewable electricity, the message is clear – sourcing clean power makes financial sense”.

Read the full press release here.

Image: Håkan Dahlström

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