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illuminem summarizes for you the essential news of the day. Read the full piece on The Guardian or enjoy below
🗞️ Driving the news: Barclays is seeking a climate communications director to strengthen its environmental position after facing backlash from climate activists over its environmental performance in the past year
🔭 The context: Barclays' quest to fill this senior role aims to coordinate its public reaction to increasing climate-related pressures after campaigners spotlighted the bank at its Annual General Meeting, questioned its Wimbledon sponsorship, and scrutinized its association with the National Trust
🌎 Why it matters for the planet: With Barclays identified as the leading European supporter of fossil fuels from 2016 to 2022, the appointment emphasizes the bank's response to growing concerns over its contribution to climate change
⏭️ What's next: The new hire is intended to support Barclays' objectives of achieving net-zero by 2050 and enhancing their climate commitments; however, critics view this role as a defensive strategy against growing activism
• Other banks, such as RBC and Citigroup, are making similar hiring moves, emphasizing the financial industry's heightened focus on climate issues
💬 One quote: “Barclays is clearly scared. This new PR role is just another way for it to armour itself up” (Joanna Warrington, Fossil Free London)
📈 One stat: According to their own numbers, the bank has provided £99 billion in green financing since 2018, and planned to offer firms $1 trillion in “sustainable and transition financing” between 2023 and 2030
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