Barclays head of sustainability steps down

illuminem summarizes for you the essential news of the day. Read the full piece on ESG Today or enjoy below:

🗞️ Driving the news: Laura Barlow, Barclays’ Group Head of Sustainability, has stepped down but will continue advising the bank
• Barlow’s tenure saw Barclays advance its sustainability strategy, including a $1 trillion sustainable financing target and stricter fossil fuel policies
• Daniel Hanna, previously Global Head of Sustainable Finance, has been named Group Head of Sustainable & Transition Finance

🔭 The context: Barlow joined Barclays in 2021 from NatWest, bringing a focus on climate and sustainable finance
• During her time, the bank strengthened its deforestation policies and launched new groups focused on energy transition and sustainable banking
• Barclays has faced both anti-ESG scrutiny in the U.S. and pressure from sustainability advocates over its ongoing financing of oil and gas projects

🌍 Why it matters for the planet: Barclays plays a pivotal role in global ESG and sustainability finance
• Its moves to reduce direct oil and gas project funding align with broader climate goals, though controversies reveal the challenges of balancing regulatory, investor, and stakeholder expectations

⏭️ What's next: Daniel Hanna’s expanded role signals Barclays’ commitment to scaling sustainable and transition finance
• However, the bank must navigate intensifying scrutiny from regulators and stakeholders while maintaining its ESG objectives

💬 One quote: “Barclays has set ambitious goals, including facilitating $1 trillion in sustainable and transition financing by 2030”

Click for more news covering the latest on corporate governance