Sustainability Leadership Shift at Barclays
A New Chapter for Climate Efforts
Laura Barlow, Barclays’ group head of sustainability, has departed the bank to pursue new opportunities, marking the latest senior reshuffle among Britain’s top banks. This move comes as the sector faces mounting pressure to intensify its climate efforts.
A Changing Landscape for Climate Commitments
In November, HSBC’s sustainability chief exited after her role was dropped from the bank’s executive committee, sparking concerns that the lender might water down its climate commitments. The spotlight on banks’ climate efforts has grown brighter, particularly after several Wall Street lenders recently exited a U.N.-convened climate alliance.
Barlow’s Legacy and Future Plans
Barlow, responsible for leading Barclays’ efforts to align with the world’s goal of limiting climate change and other sustainability objectives, retired at the end of 2024 to pursue a portfolio career. She will remain a senior advisor to the bank. Under her leadership, Barclays took steps to restrict its lending to energy companies expanding fossil fuel production, although campaigners still rank the bank among the 10 biggest providers of finance to the fossil fuel industry.
New Leadership and Expanded Roles
Daniel Hanna, the bank’s head of sustainable finance for the corporate and investment bank, has taken on an expanded role as group head of sustainable and transition finance. Hanna reports to the Head of Public Policy and Corporate Responsibility, Matt Hammerstein; Co-Head of Investment Banking, Cathal Deasy; and Head of Global Markets Adeel Khan.
Barclays’ Commitment to Sustainability
The bank has pledged to facilitate $1 trillion of sustainable and transition finance by 2030. While shareholders and climate campaigners have broadly welcomed the banks’ steps to curb finance to the world’s most polluting sector, some Republican politicians have attacked lenders doing so in Barclays’ key U.S. market.
U.S. Market and Growth Ambitions
Barclays made 31% of its total revenue in the United States in 2023, up from 25% in 2022, much of it from its trading business and credit cards. The bank is keen to grow in commercial banking there, although the spokesperson emphasized that the U.S. backlash played no role in Barlow’s decision to leave.
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