Hundreds of students from prominent UK universities have taken a strong stance against Barclays, initiating a “career boycott” in protest of the bank’s climate policies.
The group, comprising over 220 individuals from universities such as Oxford, Cambridge, and University College London, has firmly conveyed their refusal to work for Barclays, citing the bank’s refusal to give financial support for fossil fuel companies as the crux of their protest warning that the bank risks losing top talent if it continues these practices.
In a formal letter addressed to Barclays, the students highlighted their concerns, asserting that the bank’s purportedly ambitious decarbonization goals contradict its actions, particularly in financing major oil and gas entities like Shell, TotalEnergies, Exxon, and BP.
They criticized the discrepancy between Barclays’ professed commitment and the support extended to fossil fuel companies, many of which have scaled back their climate pledges.
The students’ letter further emphasized the shifting stances of major oil corporations. Notably, BP revised its emission reduction target from 35% to a range of 20% to 30% by 2030, while ExxonMobil quietly withdrew funding for low-carbon fuel creation using algae. Additionally, Shell reneged on promises to increase investments in renewable energy this year.
Their demand to Barclays is clear: cease all financing and underwriting for oil and gas firms, not solely their projects, and substantially increase funding for wind and solar energy initiatives.
Michelle Hemmingfield, representing Students Organising for Sustainability UK, underscored the significance of this movement, indicating that Barclays heavily relies on STEM applicants from top universities like Oxbridge for recruitment, posing a potential challenge should the bank persist in financing new oil and gas infrastructure.
This “career boycott” compounds Barclays’ existing challenges, following prior scrutiny from climate activists at its AGM and pressure regarding sponsorships and affiliations. The bank’s spokesperson defended its actions, stating alignment with a goal to become a net-zero bank by 2050, emphasizing efforts to collaborate with clients in transitioning toward a low-carbon model. Barclays cited a 32% reduction in emissions financed in the energy sector since 2020 and substantial green financing initiatives, aiming to facilitate $1 trillion in sustainable financing between 2023 and 2030.
