Company: BCS
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0000312069-25-000114
Chunk: 86

Company: BARCLAYS PLC
Filing Date: 2025-02-13
Form: 20-F
Chunk 86
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 preliminary and indicative only, and which can change materially as we improve data quality. Our approach to reporting financed emissions data Given the evolving nature of climate data, models and methodologies, past-period metrics may change to reflect updates. To manage the impact of these changes we have adopted a principles-based approach to guide whether prior metrics and baselines should be restated or re-baselined. Where information has been restated or re-baselined this will be identified or explained. We will continue to review and evolve our approach as our processes mature and as accounting practices become clearer. &#8226; A restatement involves updating the historical starting point for a period and, if the impact is greater than five percentage points, recalculating the historical performance. &#8226; A re-baseline involves keeping the historical performance constant and recalculating the current period baseline to ensure consistency when reviewing performance. The indicative historical baseline will also be disclosed. As a result, reported baseline metrics may change from one reporting period to another and direct like-for-like comparisons may not always be possible from one reporting period to another. Updates in external client data are captured in-year. In line with our reporting approach for past period metrics, we have re-baselined the following metrics: &#8226; Our Upstream Energy baseline absolute emissions metric from 75.4 to 74.1 MtCO2e to de-scope two clients which were identified as non-active in energy extraction activities following internal assessment; and &#8226; Our Power baseline physical intensity metric from 326 to 311 kgCO2e/MWh primarily to also include the emissions associated with purchased power agreements for US municipal power generation clients. &#8226; Our UK Agriculture metric has been re- baselined to reflect an enhanced methodology that uses internal data on customers&#8217; farming activity (where such data is available (DQ3)), with fallbacks to asset-based emission intensities (DQ5) for customers where we do not have such internal data available. The enhanced methodology led to a significant decline in baseline emissions reported last year (which were calculated using PCAF emission factors (DQ4-5)). Although our enhanced methodology represents an improvement in data quality, we still see limitations in the internal data on customers' farming activity including low coverage, lack of consistency and time lags. As we continue to address these data challenges and improve the coverage of internal data, we may see further re-baselining of the metrics in future years. Please refer to page 42 for the