FTSE 100-listed Barclays PLC (GB:BARC) is building a New Energy Transition Team with around 100 investment bankers to provide clients with strategic advice on their decarbonization journey. The bankers will be sourced from Barclays’ global Natural Resources, Power, and Sustainable and Impact Investment Banking teams.
Barclays is a London-based universal bank offering a wide range of services, including current accounts, mortgages, savings and investment management services, credit cards, and business banking services.
Here’s How Barclays Plans to Leverage the New Team
The New Energy Transition Team will be a part of Barclays’ Corporate and Investment Bank unit. Barclays said that the team will be responsible for advising clients on a range of topics, including “hydrogen, energy transition finance, carbon capture, renewables, nature-based solutions, and renewable natural gas.” Mike Cormier, who has led Barclays’ Energy business in the Americas since 2021, will head the new team. He will report directly to Cathal Deasy and Taylor Wright, Global Co-Heads of Investment Banking.
With the new team, Barclays aims to become a lead advisor in the green energy and power market. The energy transition space is expected to become a major driving force for economies globally. As countries and corporations move steadfastly toward net zero goals, Barclays wishes to be the go-to advisor for directing clients to meet their objectives. The bank could earn massive fees by becoming a lead advisor in the space. Other global banks are also forming dedicated energy transition teams to help clients meet their net zero goals.
Meanwhile, the company is also taking initiatives to be energy-efficient and aims to be a net-zero emission bank by 2050.
Is Barclays a Buy or Sell?
With nine Buys versus one Sell recommendation, BARC stock commands a Strong Buy consensus rating on TipRanks. The Barclays PLC share price target of 215.00p implies 47.9% upside potential from current levels.
