Company: BCS
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0000312069-25-000114
Chunk: 56

Company: BARCLAYS PLC
Filing Date: 2025-02-13
Form: 20-F
Chunk 56
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 Announced 2030 Upstream Energy, Power, Cement and Steel targets6 &#8226; Announced $1tn Sustainable and Transition Financing target and increased BCV8 mandate to invest up to &pound;500m &#8226; Announced new operational emissions and electricity sourcing targets4 &#8226; Elevated Climate Risk to Principal Risk &#8226; Held a &#8216;Say on Climate&#8217; advisory vote &#8226; Updated Climate Change Statement with new financing restrictions for upstream oil and gas3 &#8226; Announced 2030 financed emissions targets for UK Agriculture, UK Commercial Real Estate, and Aviation, and updated scope of UK Housing7 convergence point6 and EPC ambition &#8226; Reported estimated full in- scope balance sheet financed emissions using PCAF10 Standard11 methodology for first time &#8226; Minimum requirements for Scope 1 and 2 targets, methane abatement and venting/flaring for Energy Groups will come into effect3 &#8226; All financing to thermal coal mining or coal-fired power generation clients will be phased out3

Climate-related risks identified over the short, medium and long term Our climate strategy is underpinned by the way we assess and manage our exposure to climate-related risks. Climate Risk is a Principal Risk within the Barclays Enterprise Risk Management Framework. Barclays faces exposure to climate-related risks either directly through its operations and infrastructure or indirectly through its financing and investment activities. The two main categories of climate risk are physical risks and transition risks. - Physical risk is defined by Barclays as the risk of financial losses related to physical impacts of a changing climate. Physical risks can be event driven (acute risks), including increased frequency and/or severity of extreme weather events such as cyclones, hurricanes and flood. Longer term shifts in climate patterns (chronic risks) arise from sustained higher temperatures that may cause rises in sea levels, rising mean temperatures and more severe weather events such as increased occurrence of floods or fires. - Transition risk is defined by Barclays as the risk of financial losses caused by extensive policy, legal, technology and market changes to address mitigation and adaptation requirements related to climate change. Physical and transition risks can have varying degrees of impact on Barclays and its clients, influenced by geographic and jurisdictional factors, including differing vulnerabilities to physical hazards like flooding and hurricanes as well as diverse regulatory requirements that must be adhered to for transitioning to a low- carbon economy. Time horizons The impact of physical and transition risks can be significant and widespread, affecting Barclays' portfolio and financial performance over