Barclays establishes new Energy Transition Group to support clients on the path to net zero
11 Janeiro 2024 - 1:18PM
Business Wire
Barclays today announces that it is establishing a new Energy
Transition Group, within its Corporate and Investment Bank. The new
group will be responsible for providing strategic advice to clients
as they explore potential energy transition opportunities.
“At Barclays, we have long believed the energy transition will
effectively re-shape how businesses and the world are thinking
about the transition to net-zero,” says Cathal Deasy, Global
Co-Head of Investment Banking. “The creation of this new team is a
natural evolution and further enables us to better serve as a lead
advisor to clients in the energy and power sectors and presents a
powerful One Barclays opportunity to drive value for
shareholders.”
The new team will be comprised of industry sector specialists
from within Barclays’ global Natural Resources, Power, and
Sustainable and Impact Investment Banking teams. It will form a
powerful centre of excellence that will provide a broad spectrum of
expertise regarding the energy transition, including hydrogen,
energy transition finance, carbon capture, renewables, nature-based
solutions, and renewable natural gas.
Mike Cormier has been appointed as Global Head of the Energy
Transition Group, reporting directly to Cathal Deasy and Taylor
Wright, Global Co-Heads of Investment Banking, and working in close
partnership with Daniel Hanna, Global Head of Sustainable Finance.
Mr. Cormier has over 20 years of experience supporting clients in
the Power and Energy sectors and has been leading Barclays’ Energy
business in the Americas since 2021.
“The evolving landscape of banking, capital markets, and the
impact on our clients is something that is central to our medium
and long-term business strategy,” says Taylor Wright. “As we adapt
to lower carbon expectations and a more disrupted market landscape,
this new team will be a critical part of us powering possibilities
for clients and ensuring the best outcomes for their needs – and
Mike is the best leader to drive this forward.”
Barclays was one of the first global banks to announce a 2050
net-zero ambition and is committed to reducing its financed
emissions in support of this. The bank has a target to facilitate
$1 trillion of Sustainable and Transition Financing between 2023
and the end of 2030, encompassing the long-term Green, Social,
Transition and broader Sustainable Financing requirements of
clients.
ENDS
Notes to Editors
- In 2020, Barclays announced its 2050 net zero ambition and
subsequently set 2025 emissions targets for the Energy and Power
sectors.
- Barclays has set additional 2030 targets that integrate the
IEA’s Net Zero 2050 1.5°C-aligned temperature rise scenario in five
of the highest emitting sectors in its financing portfolio –
Energy, Power, Cement, Steel and Automotive Manufacturing. Further
details can be found here
- The International Energy Agency (IEA) estimates that the amount
of investment required to support the transition is $4.5 trillion a
year.
About Barclays
Barclays is a British universal bank. We are diversified by
business, by different types of customer and client, and geography.
Our businesses include consumer banking and payments operations
around the world, as well as a top-tier, full service, global
corporate and investment bank, all of which are supported by our
service company which provides technology, operations and
functional services across the Group. Barclays offers investment
banking products and services in the US through Barclays Capital
Inc. For further information about Barclays, please visit our
website home.barclays.
About Barclays Corporate and Investment Bank
Barclays Corporate and Investment Bank is comprised of the
Investment Banking, International Corporate Banking, Global Markets
and Research businesses. It provides money managers, financial
institutions, governments, supranational organisations and
corporate clients with services and advice for their funding,
financing, strategic and risk management needs. For further
information about Barclays Corporate and Investment Bank, please
visit our website www.cib.barclays.
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version on businesswire.com: https://www.businesswire.com/news/home/20240111410437/en/
Press:
Isabel Allanwood (UK) +447881 318 272
isabel.allanwood2@barclays.com Andrew Smith (US) 212-412-7521
andrew.x.smith@barclays.com
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