Barclays CEO Says Bank Can't Go ‘Cold Turkey' on Oil Clients [BNN Bloomberg (Canada)]
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Citigroup, Inc. (C)
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Source: BNN Bloomberg
Banks “cannot 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. While Barclays' is “very much moving from 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, he said. Banks and asset managers are increasingly finding themselves at the receiving end of vocal — and sometimes violent — protests in response to their support of fossil fuels. A case in point is Citigroup Inc., whose Manhattan headquarters are currently the target of what activists say will be a months-long campaign against the bank. Barclays this year created a dedicated team of more than 100 bankers to focus on financial products and deals pegged to the energy transition. The unit, which brings together bankers from power markets, natural resources and s
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