Barclays establishes new Energy Transition Group to support clients on the path to net zero
LONDON & NEW YORK–(BUSINESS WIRE)–Barclays today announces that it is establishing a new Energy Transition Group, within its Corporate and Investment Bank. The new group will be responsible for providing strategic advice to clients as they explore potential energy transition opportunities.
“At Barclays, we have long believed the energy transition will effectively re-shape how businesses and the world are thinking about the transition to net-zero,” says Cathal Deasy, Global Co-Head of Investment Banking. “The creation of this new team is a natural evolution and further enables us to better serve as a lead advisor to clients in the energy and power sectors and presents a powerful One Barclays opportunity to drive value for shareholders.”
The new team will be comprised of industry sector specialists from within Barclays’ global Natural Resources, Power, and Sustainable and Impact Investment Banking teams. It will form a powerful centre of excellence that will provide a broad spectrum of expertise regarding the energy transition, including hydrogen, energy transition finance, carbon capture, renewables, nature-based solutions, and renewable natural gas.
Mike Cormier has been appointed as Global Head of the Energy Transition Group, reporting directly to Cathal Deasy and Taylor Wright, Global Co-Heads of Investment Banking, and working in close partnership with Daniel Hanna, Global Head of Sustainable Finance. Mr. Cormier has over 20 years of experience supporting clients in the Power and Energy sectors and has been leading Barclays’ Energy business in the Americas since 2021.
“The evolving landscape of banking, capital markets, and the impact on our clients is something that is central to our medium and long-term business strategy,” says Taylor Wright. “As we adapt to lower carbon expectations and a more disrupted market landscape, this new team will be a critical part of us powering possibilities for clients and ensuring the best outcomes for their needs – and Mike is the best leader to drive this forward.”
Barclays was one of the first global banks to announce a 2050 net-zero ambition and is committed to reducing its financed emissions in support of this. The bank has a target to facilitate $1 trillion of Sustainable and Transition Financing between 2023 and the end of 2030, encompassing the long-term Green, Social, Transition and broader Sustainable Financing requirements of clients.
ENDS
Notes to Editors
- In 2020, Barclays announced its 2050 net zero ambition and subsequently set 2025 emissions targets for the Energy and Power sectors.
- Barclays has set additional 2030 targets that integrate the IEA’s Net Zero 2050 1.5°C-aligned temperature rise scenario in five of the highest emitting sectors in its financing portfolio – Energy, Power, Cement, Steel and Automotive Manufacturing. Further details can be found here
- The International Energy Agency (IEA) estimates that the amount of investment required to support the transition is $4.5 trillion a year.
About Barclays
Barclays is a British universal bank. We are diversified by business, by different types of customer and client, and geography. Our businesses include consumer banking and payments operations around the world, as well as a top-tier, full service, global corporate and investment bank, all of which are supported by our service company which provides technology, operations and functional services across the Group. Barclays offers investment banking products and services in the US through Barclays Capital Inc. For further information about Barclays, please visit our website home.barclays.
About Barclays Corporate and Investment Bank
Barclays Corporate and Investment Bank is comprised of the Investment Banking, International Corporate Banking, Global Markets and Research businesses. It provides money managers, financial institutions, governments, supranational organisations and corporate clients with services and advice for their funding, financing, strategic and risk management needs. For further information about Barclays Corporate and Investment Bank, please visit our website www.cib.barclays.
Contacts
Press:
Isabel Allanwood (UK)
+447881 318 272
isabel.allanwood2@barclays.com
Andrew Smith (US)
212-412-7521
andrew.x.smith@barclays.com
