Company: BCS
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0000312069-25-000114
Chunk: 95

Company: BARCLAYS PLC
Filing Date: 2025-02-13
Form: 20-F
Chunk 95
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8211; all of which include differing levels of estimation &#8211;continue to evolve and be refined. Additionally, our Cement and Steel portfolios are comprised of a small number of clients. For these metrics we rely on data reported by the clients in those portfolios. Changes in the availability and quality of that data can have a material impact on our financed emissions metrics and progress towards our targets. Our future progress towards our targets is highly sensitive to changes in our financing mix or in clients&#8217; emissions intensity data, including its quality and availability. See future target progress on page 45. As noted on page 38 in line with our reporting approach for past period metrics, we have re- baselined our Upstream Energy, Power, Cement and UK Agriculture metrics. See 'Data sourcing and data quality' on page 38 for more information on the data used to estimate our financed emissions Upstream Energy Our absolute financed emissions from our Upstream Energy portfolio have cumulatively decreased by 45% from our 2020 baseline. Our cumulative progress largely reflects reductions in our total financing volumes for this portfolio as well as impacts from changes in company book values which fluctuate year to year and thus impact progress (either positively or negatively) against our target. The 1% decrease in our financed emissions in 2024 from our recalculated 2023 metric was the net result of the impacts of client merger activity that reduced Barclays attributed share of client emissions partially offset by an increase in our capital markets financing activity. While our cumulative reductions continued to be above the levels of our 2025 and 2030 targets for this sector, as with all of our targets, there could be further volatility, which could lead to changes in our progress above or below our targets and the likelihood of achieving our targets could be significantly impacted by these variables and dependencies, as well as actions that we may need to take to manage our portfolio. Of our total financed emissions in 2024, c.79% was related to clients who have activities in oil, gas and natural gas liquids (NGLs) production, with NGLs being relatively immaterial. The remaining c.21% was attributable to clients who have coal production. Power Our Power portfolio emissions intensity has cumulatively reduced by 30% from our 2020 baseline the metrics for which were re-baselined in 2024 (see page 38). The 4% decrease in our portfolio emissions intensity in 2024 from our recalculated 2023 metric was primarily driven