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Posted on 10th February 2024 |
Show only this post Show all posts in this thread (Business Ethics). |
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The BBC reports that Barclays bank has announced that it will no longer provide direct funding for new oil and gas projects. This is too little, too late! Barclays has a long record of questionable business ethics. They were the last of the UK High Street banks to pull out of South Africa during the apartheid era, and has huge existing investments in fossil fuels. This report on Ethical Consumer has a more detailed explanation of the ethical issues with Barclays, which includes:
Barclays' latest announcement states that it "will restrict lending to energy businesses that plan to expand their fossil fuel production." This means that they will continue to financially support the fossil fuel industry. I case the management at Barclays didn't notice, the latest research shows that we have already passed the 1.5°C limit that world leaders set for themselves in the hope of saving our planet. It is time for companies that are part of the problem to take bolder steps, and become part of the solution. | |