While Barclays is “very much moving away from” coal and oil, the “reality is that for quite some time, fossil fuels will be with us” and that’s especially true of natural gas, he said. The “glide path” toward cleaner energy is long.
The chief executive of Barclays said it would be unrealistic for the finance industry to heed growing calls from climate activists to abandon fossil-fuel clients from one day to the next.
As the global economy tries to achieve net zero emissions, “it can’t go cold turkey” on the oil and gas industry, Barclays CEO CS Venkatakrishnan told Bloomberg’s Anna Edwards at the Bloomberg Sustainable Finance Forum in London on Tuesday.
