Carbon neutrality
What is offsetting?
Carbon offsetting is balancing the amount of carbon emissions we produce by preventing an equal amount being emitted elsewhere, or removing an equal amount from the atmosphere. The result is no net impact on global carbon levels. Carbon dioxide is a ‘greenhouse gas’ which affects the Earth’s atmosphere and contributes to global warming.
Why offset?
Carbon offsetting has a valuable role to play in tackling climate change, as part of a carbon reduction strategy. Our first priority is, and always has been, minimising our emissions. Beyond this we offset emissions which remain after our comprehensive energy efficiency measures.
How has Barclays offset its emissions?
The Clean Development Mechanism (CDM)
The CDM was introduced under the Kyoto Protocol – a United Nations code which establishes legally binding commitments for the reduction of six greenhouse gases (carbon dioxide, methane, nitrous oxide, sulfur hexafluoride, hydrofluorocarbons, and perfluorocarbons). The CDM allows countries to meet their emissions reductions targets by investing in ‘clean’ technology in countries which do not have such targets. These investments generate carbon credits called Certified Emissions Reductions (CERs), which are independently verified, and approved by the United Nations Framework Convention on Climate Change. Since 2007, Barclays has purchased 230,000 tonnes of CERs this way.
Community energy projects
Barclays also invests in Verified Emissions Reductions (VERs). Through this method the Group can offset its emissions by investing in community-based energy efficiency. These projects have included the distribution of energy-efficient cooking stoves in Uganda, to help prevent deforestation from local people cutting down trees to fuel their fires. In four states across India, Barclays helped fund wind farms and in Kenya, Barclays also supported a hydro-energy project, which will potentially supply electricity to 2,500 homes. These projects are small-scale but have real social and economic benefits for local communities, and are monitored and verified independently. Barclays bought 193,500 tonnes of VERs since 2007.
