Barclays Coal Plan Exposes Reach of Biden’s Inflation Reduction Act
The UK bank is acting to phase out financing to the world’s dirtiest companies earlier than previously stated.
Barclays Plc, one of Europe’s biggest coal financiers, said its analysis of the IRA has led it to commit to wind down its funding for coal in the US five years earlier than planned. Chief Executive Officer C.S. Venkatakrishnan told shareholders recently that the bank now expects to phase out its financing of thermal coal power in the US by 2030.
Social values give investors a non-pecuniary reason for allocating money and sticking with their choice, a rare advantage for funds in an industry where a competitive edge normally means lower fees.