Barclays announced the establishment of a new Energy Transition Group within its Corporate and Investment Bank, responsible for advising clients in the exploration of energy transition opportunities, and supporting clients on the path to net zero.
Comprised of industry sector specialists from within Barclays’ global Natural Resources, Power, and Sustainable and Impact Investment Banking teams, the new team will include expertise in a broad range of energy transition areas, ranging from hydrogen, carbon capture and renewables to nature-based solutions, renewable natural gas, and energy transition finance, according to the firm.
The new team will be led by Mike Cormier, who has been appointed as Global Head of the Energy Transition Group, reporting to Global Co-Heads of Investment Banking Cathal Deasy and Taylor Wright. Cormier takes on the new role after leading Barclays’ Energy business in the Americas since 2021.
“The evolving landscape of banking, capital markets, and the impact on our clients is something that is central to our medium and long-term business strategy. As we adapt to lower carbon expectations and a more disrupted market landscape, this new team will be a critical part of us powering possibilities for clients and ensuring the best outcomes for their needs – and Mike is the best leader to drive this forward.”
The establishment of the new team follows the launch by Barclays in 2022 a goal to facilitate $1 trillion of sustainable and transition financing between 2023 by the end of 2030. In July the company said that it has delivered over £87 billion ($112 billion) of green finance towards its goal to date.
“At Barclays, we have long believed the energy transition will effectively re-shape how businesses and the world are thinking about the transition to net-zero. The creation of this new team is a natural evolution and further enables us to better serve as a lead advisor to clients in the energy and power sectors and presents a powerful One Barclays opportunity to drive value for shareholders.”