Barclays Drop Drax | Barclays Drop Drax

Barclays Drop Drax

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Barclays helps fund the UK's single largest carbon emitter & the world's biggest tree-burning power station, Drax.

Please help us to send Barclays a message telling them to end their financial support for Drax’s tree burning and forest destruction. #DropDrax

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Subject:

Dear Sir / Madam,

Barclays has consistently said it is “aligning its financing activities” with the goals and timelines of the Paris Agreement and you state in your Environmental Social Governance Report that the bank has taken action to “safeguard biodiversity”(https://tinyurl.com/yjdccn73) You also claim that the bank excludes: “bioenergy production that competes with food production or decreases forestation, biodiversity, or carbon pools in soil” from your Green Energy Criteria for financing renewable energy. (https://tinyurl.com/2bduw7xz)

However, I am extremely concerned that Barclays is not only the largest fossil fuel funder in Europe (https://tinyurl.com/2p97rcs7), but it is also a major investor in the UK’s single largest carbon emitter and the world’s biggest tree burner, Drax (https://tinyurl.com/7awnx6ud). This activity is inconsistent with your stated support for forests, biodiversity and the Paris Agreement.

Far from protecting biodiversity and forests, your funding of Drax’s biomass burning (https://tinyurl.com/2p8ur46n) is leading to the logging of some of the most biodiverse forests in the world which are home to many rare and endangered species, including wetland forests in the Southern USA, “protected” forests in Estonia and Canada’s Boreal forest. (https://tinyurl.com/4t9w6am9).

Drax’s biomass burning is also leading to environmental injustice around the world as communities living near the pellet mills that supply wood to Drax are suffering constant air, water and noise pollution as well as the loss of the forests that protect them from flooding and extreme weather. (https://tinyurl.com/yckktp52)

Moreover, your investment in Drax is undermining the bank’s professed commitment to “tackle climate change” (https://tinyurl.com/2p8vxnt2). Burning wood for energy is as harmful for the climate as burning coal and Drax emitted 13.42 million tonnes of CO2 from burning 8.3 million tonnes of wood pellets in 2021 (https://tinyurl.com/7awnx6ud). As over 500 scientists highlighted last year in a letter to President Biden and other world leaders: “this burning of wood will increase warming for decades to centuries. That is true even when the wood replaces coal, oil or natural gas.” (https://tinyurl.com/5n8pna3k)

The most recent IPCC Report warns that without urgent climate action, we “will miss a brief and rapidly closing window of opportunity to secure a liveable and sustainable future for all”. (https://tinyurl.com/yckznm7v) It is completely unacceptable for Barclays to continue investing in a company that is destroying forests, harming wildlife, polluting communities and making the climate crisis worse.

I urge Barclays to immediately end your financing of Drax’s biomass burning and to instead invest in forest protection and in genuinely renewable energy such as wind and solar power which can help to secure a “liveable future for all.”

Your sincerely,

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