Barclays is establishing a new Energy Transition Group. The new group will be responsible for providing strategic advice to clients as they explore potential energy transition opportunities.
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.
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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.
Barclays is committed to reducing its financed emissions
Deasy said: “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. 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.”
Wright, added: “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. 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.”
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 $1trn 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.
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