Barclays goes carbon neutral

13 June 2007
Barclays PLC has announced it has gone carbon neutral in an attempt to reduce its carbon footprint, with a target of reducing its UK CO2 emissions per £million of income from 16.8tionnes in 2005 to 12.9 by 2010.

John Varley, Group Chief Executive of Barclays, said: “Climate change has a significant potential impact on our business – on the markets in which we operate and on the customers and clients we serve. Reducing our environmental impact is a business priority.

The group has adopted a phased approach which will focus on improving energy efficiency and trying to make as much use of renewable energy as possible. Since April, Barclays has been sourcing 50 per cent of energy used in the UK from green sources – it is thought this will reduce carbon emissions by around 120,000 tonnes a year.

Global professional services firm ICF International has been working with Barclays in order to make sure the company is taking the right approach.

Abyd Karmali, Managing Director, Europe for ICF International, said: "Our review found that the overall approach to carbon neutrality taken by Barclays is sound and effective. Barclays has rightly given priority to reducing its carbon emissions through internal measures.

“In our opinion, Barclays is bringing an innovative approach to carbon neutrality, through creating an internal cost of carbon, and through diversified options to acquire existing offsets or invest in emission reduction projects.”

Find out more about Barclays Internet Banking and renewable energy