The following motion submitted in accordance with Standing Order 13 of the Charter Trustees has been proposed by Councillor Felicity Rice and seconded by Councillor Hadley:
As the Poole Charter Trustees we ask, on behalf of our residents, that Barclays use the IEA NZE (International Energy Agency Net Zero Emissions scenario) as a minimum standard to properly reflect the climate risks it is exposed to, as Europe’s second largest provider of financing to top oil and gas expanders.
Poole Charter Trustees has already recently agreed to use Barclays for their banking services.
However, Barclays ranks 1st on oil sands financing among European banks and 7th globally over the period 2016 to 2020. Barclays and Credit Suisse are now the only European banks that have not committed to exclude financing for oil sands projects.
Barclays is Europe’s largest financier of fracking companies and the world’s fourth largest. ShareAction, an organisation that drives change at the heart of the financial system so that financial services serve the planet and people, have stated ‘it is concerning that despite recent grave climate warnings from the IPCC (Intergovernmental Panel on Climate Change), Barclays still resists fully committing to 1.5C targets. Barclays has set an emission range for its 2030 Power, Cement and Steel targets with the lower target being ‘Business as Usual’ and is not considered an option for a liveable planet. If we continue on business as usual emissions, then we will be looking at 3-10 metres of sea level rise within 200 years – which is not consistent with protecting the future inhabitants of Poole.
Therefore, as stated, we call on Barclays bank to use the IEA NZE (International Energy Agency Net Zero Emissions scenario) as a minimum standard to properly reflect the climate risks it is exposed to, as Europe’s second largest provider of financing to top oil and gas expanders.
Minutes:
The following motion submitted in accordance with Standing Order 13 of the Charter Trustees was proposed by Councillor Felicity Rice and seconded by Councillor Hadley:
As the Poole Charter Trustees we ask, on behalf of our residents, that Barclays use the IEA NZE (International Energy Agency Net Zero Emissions scenario) as a minimum standard to properly reflect the climate risks it is exposed to, as Europe’s second largest provider of financing to top oil and gas expanders.
Poole Charter Trustees has already recently agreed to use Barclays for their banking services.
However, Barclays ranks 1st on oil sands financing among European banks and 7th globally over the period 2016 to 2020. Barclays and Credit Suisse are now the only European banks that have not committed to exclude financing for oil sands projects.
Barclays is Europe’s largest financier of fracking companies and the world’s fourth largest. ShareAction, an organisation that drives change at the heart of the financial system so that financial services serve the planet and people, have stated ‘it is concerning that despite recent grave climate warnings from the IPCC (Intergovernmental Panel on Climate Change), Barclays still resists fully committing to 1.5C targets. Barclays has set an emission range for its 2030 Power, Cement and Steel targets with the lower target being ‘Business as Usual’ and is not considered an option for a liveable planet. If we continue on business as usual emissions, then we will be looking at 3-10 metres of sea level rise within 200 years – which is not consistent with protecting the future inhabitants of Poole.
Therefore, as stated, we call on Barclays bank to use the IEA NZE (International Energy Agency Net Zero Emissions scenario) as a minimum standard to properly reflect the climate risks it is exposed to, as Europe’s second largest provider of financing to top oil and gas expanders.
Councillor Rice outlined the purpose of the motion as detailed above emphasising on behalf of residents and in conjunction with the Dorset Youth Climate Action Network Dorset Barclays be called on to use the IEA NZE which was the International Energy Agency Net Zero Emissions scenario as a minimum Standard. Therefore, asking that Barclays adjust its climate policies, so its climate action plan was fully Paris agreement compliant. Councillor Rice indicated that many residents in Poole work for Barclays Bank and she understood that they had been reassured by the Corporate messages explaining some of the action that Barclays was taking to tackle climate change. She advised that Barclays had failed to update its oil and gas policies, so it was still able to finance new oil and gas projects that Barclays had classified as non-compliant with the Paris Agreement. Councillor Rice explained the approach being taken by Barclays and its impact on Climate change was unacceptable and therefore requested that its policies were updated. She also extended an invitation to the Chairman of Barclays to meet with the Charter Trustees to discuss the issue.
Councillor Hadley in seconding the motion explained that the proposal was compatible with the declaration that BCP Council had made for a climate and ecological emergency. He explained that there were very direct climate impacts for the area of burning fossil fuels and other measures that included the Council’s Coastal Protection team working on the need to accommodate a 4-metre sea level rise within their future modelling because of inadequate action by Governments, Local Authorities, Corporations and individuals. Councillor Hadley reported that the oil sands financing was hugely destructive to the natural environment particularly in Canada and there were enormous areas that were laid to waste by it. He also outlined the impact of fracking and the need to invest properly and strategically in renewable energy. Councillor Hadley emphasised the social responsibility that Barclays has.
Councillor Judes Butt indicated that the motion read out by Councillor Rice was more extensive than the wording set out on the agenda and requested a copy of her wording. Councillor Rice confirmed that the motion was the first paragraph as set out on the agenda but had added extra comments in introducing the item.
Councillor Stribley indicated that she felt that the motion was outside of the remit of the Charter Trustees. The Head of Democratic Services reported that it was considered whether or not the motion was permitted and as Barclays was a service provider to the Charter Trustees it was accepted that it would be appropriate if the Charter Trustees wished to make a representation to a service provider as a customer.
Charter Trustees discussed the implications of the motion and the potential options including the financial impact for local residents. Councillor Rice in summing up responded to the issues raised including indicating that the motion was not designed to have any impact on energy bills.
Councillor Stribley left at 18:34
RESOLVED that the motion detailed above be agreed.
Voting – For – 8, Against – 2, Abstentions – 2