Laura Barlow, Group Head of Sustainability at Barclays, has stepped down to pursue a portfolio career. Her departure, effective at the end of 2024, comes as major British banks face heightened scrutiny over their climate strategies and commitments. Barlow will remain a senior advisor to Barclays.
Barlow was responsible for leading Barclays’ sustainability initiatives, including its efforts to align with global climate goals. Daniel Hanna, previously Head of Sustainable Finance for Barclays’ corporate and investment bank, has been appointed Group Head of Sustainable and Transition Finance. Hanna’s expanded role will oversee Barclays’ sustainable finance commitments and report to key executives, including Matt Hammerstein, Cathal Deasy, and Adeel Khan.
Barlow’s departure follows similar leadership changes in the banking industry. In November 2024, HSBC’s sustainability chief stepped down after her role was removed from the bank’s executive committee, sparking concerns about the lender’s climate strategy. The scrutiny comes as some Wall Street banks have recently exited the United Nations-convened climate alliance, raising questions about the industry’s commitment to climate goals.
Under Barlow’s leadership, Barclays introduced measures to limit lending to energy companies expanding fossil fuel production. However, the bank remains one of the top 10 global financiers of the fossil fuel industry, according to campaign groups. Barclays has pledged to facilitate $1 trillion in sustainable and transition finance by 2030, a commitment broadly welcomed by shareholders and environmental advocates.
Despite its climate commitments, Barclays has faced backlash in its key US market. In 2022, Texas Attorney General Ken Paxton barred Barclays from underwriting the state’s municipal bonds, citing concerns over its climate policies. Barclays, however, denied that US opposition influenced Barlow’s decision to leave.
The US remains critical to Barclays’ growth strategy, contributing 31% of the bank’s revenue in 2023, up from 25% in 2022. Much of this increase came from trading and credit card businesses, and the bank aims to expand its commercial banking presence in the region.
Barclays’ sustainability initiatives include a focus on renewable energy financing, energy transition projects, and measures to curb fossil fuel lending. The bank’s pledge to channel $1 trillion into sustainable finance by 2030 remains a cornerstone of its climate strategy. However, balancing these commitments with growth in markets like the United States presents ongoing challenges.
Barlow joined Barclays in 2021 after serving as Head of Large Corporate and Institutional Banking at NatWest. Her departure highlights the evolving leadership dynamics in the banking sector as institutions navigate increasing demands for climate accountability.
