Barclays is to switch to renewable energy in a new deal designed to improve its impact on the environment.
The decision will reduce the bank’s carbon footprint by up to 125,000 tonnes of carbon dioxide per year – the equivalent to the emissions produced annually by 19,000 homes in the UK.
The move is part of Barclays commitment to lessen its impact on the environment and reduce the carbon intensity of its operations. Starting from April 2007, 50 per cent of Barclays UK electricity consumption will come from renewable sources, compared to three per cent previously.
Barclays UK offices, including its Canary Wharf headquarters and major UK branches, will be powered solely by renewable energy – these include Birmingham branches in Colmore Row and Camden House, Threadneedle Street in Redditch and three Coventry offices.
Under the terms of the contract, Barclays will buy approximately 300 GWh of renewable energy per annum for the next three years from EDF Energy, a major supplier of renewable energy in the UK. Its supplies are sourced from UK and Europe-based generators, which are all accredited by Ofgem as 'renewable generators'.
For every 1MWh of non-renewable energy that is used, Barclays pays an additional #2.50 to #3.50 to offset the CO2 emitted, providing a financial incentive to invest in energy efficiency.