Copublished with Rainforest Action Network, BankTrack, Indigenous Environmental Network, OilChange International, Sierra Club, Urgewald & CEED<\/p>\n<\/div>
Following the 15th annual publication of Banking on Climate Chaos (BOCC), Barclays issued a response to the report. As authors of the BOCC report, we wanted to note important clarifications with regard to the BOCC methodology and approach:<\/p>\n<\/div>
BOCC authors repeatedly responded to Barclays to provide detailed explanations of the full methodology weeks before the report publication.<\/p>\n
As in previous years, to address the fact that some companies have comparatively small fossil exposure, adjusters are applied to the deal value. Each transaction is adjusted based on the particular company\u2019s involvement in the fossil fuel sector. For a full explanation of which fossil fuel activities are in scope and how BOCC adjusts transactions, refer to the BOCC Methodology FAQ<\/a><\/span>. While some aspects of the BOCC methodology changed for the 2024 report, the approach to adjusters did not fundamentally change.<\/p>\n While both Barclays and the BOCC findings indicate increased financing for fossil fuels in 2023, the difference in the percentage of increase noted by the BOCC report stems from a methodological difference.\u00a0 BOCC applies a more comprehensive and rigorous approach to accounting for fossil finance transactions, especially for diversified companies.<\/p>\n\n