UK lender is a major European funder of oil and gas projects and university has said it does not want to back fossil fuel expansion
Cambridge University could cut ties with Barclays after more than 200 years over the bank’s refusal to stop financing new oil and gas projects, according to the Financial Times.
It reported that Cambridge is looking for an institution with robust climate policies to manage “several hundred million pounds” in cash and money market funds – a mandate expected to cover more than £200m in assets and generate about £10m in fees a year.
The university said it was “exploring opportunities to find financial products that do not finance fossil fuel expansion” as part of its “net zero engagement strategy with the banking sector”.
Though Barclays has provided financing to the university for centuries, the bank was also the top European funder of fossil fuels between 2016 and 2022, according to a report by the Rainforest Action Network.
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