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Barclays Bank has publishing a new climate dashboard designed to keep track of its progress towards a net zero portfolio.

The climate dashboard will be refreshed and expanded in line with the bank’s annual ESG reporting, Barclays said in a letter to investors.

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In March, the London-based bank promised to align all financing activities with the Paris Agreement and target at least £100bn green financing by 2030.

In the letter, signed by Barclays group chairman Nigel Higgins, the bank set out the work it has been undertaking in the intervening six months as well as “the work that still needs to be done”.

The road ahead

“The journey is far from complete – and the challenges in the current pandemic have not made it easy to progress the work beyond what we indicated in March – but we have made progress and are committed to continuous improvement in our response to the climate challenge,”  Higgins said.

He added that the bank has continued to engage with a number of industry initiatives in this area, including the Two Degrees Investing Initiative’s Paris Agreement Capital Transition Assessment (PACTA), as well as with the Partnership for Carbon Accounting Financials (PCAF).

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Barclays is also a member of the ‘Financing a Just Transition Alliance’ led by the Grantham Research Institute at the LSE.

Next update: the first quarter of 2021

“This engagement has informed our own work and we are now comfortable with the detail of the methodology we have developed to measure the absolute emissions and/or emissions intensity of different types of financing activity, although this is likely to continue to evolve and be further refined over time,” Higgins said.

The next update, in the first quarter of 2021, will include more information about how Barclays is supporting clients through their transition with green financing and capital markets solutions, the bank said.