Barclays confirms Head of Sustainability’s departure

Laura Barlow, who was Barclays’ Global Head of Sustainability since 2021, has stepped down from her role but remains an advisor, the bank has confirmed.

A spokesperson told CSO Futures that her responsibilities have been taken over by Daniel Hanna as Group Head of Sustainable and Transition Finance, and that this is a permanent reshuffle, meaning Barclays will not be looking for a new Global Head of Sustainability.

The information was first reported by Reuters yesterday (January 13). 

Barlow’s time at Barclays: Progress and controversies

Barlow was appointed Global Head of Sustainability in 2021 “to assist the Group Head of Public Policy and Corporate Responsibility in taking forward the Group’s ESG agenda”. 

During her tenure, Barclays published a climate transition plan and stopped providing project finance or any other direct financing for oil and gas expansion projects or related infrastructure projects. 

According to the bank’s latest integrated annual report, operational (market-based) emissions from branches, offices and data centres, including all indirect emissions from electricity consumption, went from 34,688 tonnes of CO2 equivalent in 2021 to 16,895 tonnes in 2023.

As part of her responsibilities, Barlow also provided updates to the board regarding Barclays’ climate and sustainability strategy.

But her time leading sustainability at the UK’s second-largest bank was also marked by controversy, as Barclays remained a top fossil fuel financier and was accused of directing some of its 2030 US$1 trillion sustainable finance goal towards the industry. 

Global banks send worrying signals around sustainability

Late last year, rival bank HSBC’s Chief Sustainability Officer also stepped down after her role was removed from the executive committee – though it’s unclear whether Barlow’s retirement from Barclays can be placed in a similar context.

Still, many are concerned that global banks may be backtracking on their commitment to climate action as Donald Trump’s anti-ESG rhetoric threatens to take hold in the US over the next few years.

Over the past two months, all six of Wall Street’s top banks (JP Morgan, Citi, Bank of America, Wells Fargo, Goldman Sachs and Morgan Stanley) exited the UN-convened Net Zero Banking Alliance (NZBA).

Last year, the NZBA published new guidelines mandating bank members to include capital market emissions in their climate targets.