Strategic Shareholder Climate and Risk Financial Financial Barclays PLC 126 report information sustainability report Governance review review statements Annual Report 2022 Implementing our Climate Strategy (continued) TCFD Strategy Recommendation (b) Advocacy with public officials in the US is publicly Barclays seeks to ensure risks of misalignment Climate Policy Engagement Barclays' approach to public policy reported, as required by the Lobbying Disclosure between an association’s advocacy position and We proactively seek opportunities for senior- Act. Barclays also discloses its EU advocacy its own net zero ambitions are managed We have a responsibility to engage with level dialogue with policymakers to demonstrate activities on the European Commission’s appropriately, including seeking to address any governments and policymakers private sector leadership on sustainable finance Transparency Register. misalignment through engagement where appropriately, whilst remaining politically and the energy transition. We also provide possible. Where there is a material and ongoing Additionally, Barclays is a member of a number of neutral. feedback, as an individual institution and/or via difference that we identify through our routine trade associations globally. These associations trade associations to relevant consultation engagement, Barclays reserves the right to work to represent their members, and for many processes launched by standard setters and Transparency and governance publicly dissent from a trade association’s this involves undertaking work to shape multilateral organisations and NGOs that could position. Should a trade association adopt a As a major economic and societal contributor to industry’s collective response to various public eventually inform policy recommendations. We material position that, following engagement, the communities in which we operate – whether policy issues. We seek to be an engaged and also discuss green investment plans and policies remains irreconcilable with our values or strategy, via the products we offer, customers and clients productive member of all associations in which with governments and other key stakeholders to we are prepared to end our membership. we serve, the colleagues we employ, or the firm participates, in respect of areas where help attract investment for climate solutions. contribution we make through our community we have a legitimate interest or expertise. The In addition to our ordinary course engagement This includes participating in key international investment programme – we believe it is also main mechanism for achieving this is through the with trade associations described above, we have fora, such as the United Nations Climate Change important to contribute to relevant public policy committees and working group structures that begun to undertake an internal review of the Conference, to promote net zero-aligned public debates. We seek to engage constructively with exist within each trade association. To manage climate policy positions of the 35 material trade policy at senior levels. policymakers in jurisdictions where the firm our major trade association engagement, the associations of which we are members, which are Barclays seeks to be actively involved in relevant operates, including with governments, Strategic Policy Group monitors who from the listed on our Public Policy Engagement website, trade association working groups and to legislatures, regulators and other organisations. firm sits on which working group and, where in order to assess the extent to which they are influence the development of policy positions in appropriate, supports senior executives aligned with achieving net zero by 2050 and In our discussions, we have a responsibility to relation to aspects of climate and sustainable occupying trade association Board positions. limiting global warming to 1.5 C above pre- make contributions that are accurate, honest finance to be consistent with our own, stated industrial levels. This includes sampling publicly and evidence-based. We also believe that On our Public Policy Engagement website, we ambition to be a net zero bank by 2050. Many of available press releases, speeches, responses to Barclays should only engage on issues where we publish material Barclays responses to the trade associations of which we are members consultations and other published statements. have a legitimate interest (for example, where governmental public policy consultations in the do not exclusively focus on sustainability, but For the majority of trade associations in-scope there is a direct consequence for our business, UK and EU, along with the agencies we work with rather engage across the full breadth of financial for the review, to date we have not identified a our customers and clients, or our colleagues). in different jurisdictions, and key trade services policy and so do not have stated clearly defined position on net zero. For those Responsibility for the co-ordination and association memberships. In the US and Asia, positions in relation to net zero. that have a position, they were generally oversight of public policy advocacy lies with the responses to public consultations are published We engage with many trade associations on considered to be in line with achieving net zero by Group Head of Strategic Policy. on government websites. Active participation in climate issues and will continue to do so to 2050. We will continue to keep our approach trade association discussions to develop policy Barclays retains the services of public affairs promote our net zero objectives. Given the pace under review. positions, such as working groups, helps to agencies in certain jurisdictions. These agencies of developments and regional differences in ensure that the public policy and advocacy primarily assist with political monitoring and approaches to sustainability, there can be positions adopted by trade associations are strategic advice. We work very closely with these diverging views within trade associations. generally in line with Barclays’ own public policy agencies, on a day-to-day basis, to help ensure objectives and any positions that are in conflict that the Strategic Policy Group has oversight of are identified. the work being undertaken for the firm. Our Public Policy website can be found at: home.barclays/ + sustainability/esg-resource-hub/reporting-and-disclosures/ public-policy-engagement/