Company: BCS
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0000312069-25-000114
Chunk: 90

Company: BARCLAYS PLC
Filing Date: 2025-02-13
Form: 20-F
Chunk 90
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, we use a UK- focused Balanced Net Zero Scenario developed by the UK's Climate Change Committee (CCC BNZ). For the UK CRE portfolio we use the CRREM scenario that provides decarbonisation pathways across different property types consistent with the NZE2050 scenario. For the Aviation sector we use the Mission Possible Partnership (MPP)'s 'Prudent' (PRU) scenario &#8211; a 1.5&deg;C-compatible roadmap for the sector to achieve net zero emissions by 2050. Baseline year We measure our financed emissions for each portfolio against a baseline metric determined in the year we first assessed that target. The baseline year therefore varies across the nine sectors assessed to date, to ensure we are using the most up-to-date data available when we set our targets &#8211; or, in the case of UK Housing, a convergence point. Use of target ranges Our 2030 financed emissions targets for five sectors (Power, Cement, Steel, Automotive manufacturing, and Aviation) are expressed as ranges. The upper end of each range represents the reduction needed to align with the 1.5&deg;C benchmark pathway at the time we set these targets. The lower end reflects our assessment of sector and client commitments at that time. Since these targets were set, the NZE2050 scenario we used to inform these targets has been updated and the scenario assumes slower progress to the transition up to 20303. As a result, some of our target ranges now exceed the emissions reductions reflected in the latest 1.5&deg;C scenario. While we continue to seek to reduce our financed emissions in line with our ambition to be a net zero bank by 2050, our ability to achieve reductions within these ranges at any given point in time depends on a wide range of factors and scenario assumptions as explained in the Future target progress section on page 45. Notes: 1 Originally called 'Energy', we updated the name in 2025 to 'Upstream Energy' to more precisely reflect the scope of the target. 2 When we first developed BlueTrackTM, the best available scenario to develop Paris-aligned benchmarks for our financing portfolios was the International Energy Agency&#8217;s Sustainable Development Scenario (SDS) which was aligned to a 1.7&deg;C world. The 2025 targets set for the Upstream Energy and Power sectors were informed by the SDS scenario. 3 www.iea.org/reports/world-energy-outlook-2024 Strategy Shareholder information Climate