Barclays has taken a significant step towards its sustainability goals by introducing the Energy Transition Group, a dedicated Corporate and Investment Bank unit. The newly formed group aims to offer strategic counsel to clients navigating opportunities arising from the global shift towards cleaner energy.

Cathal Deasy, Global Co-Head of Investment Banking, expressed Barclays’ enduring belief that the energy transition will fundamentally reshape business perspectives and contribute to achieving net-zero targets. “The creation of this new team is a natural evolution and 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,” Deasy stated.

The Energy Transition Group will comprise specialists from Barclays’ global Natural Resources, Power, and Sustainable and Impact Investment Banking teams. This collective expertise will form a centre of excellence, providing insights into various aspects of the energy transition, such as hydrogen, energy transition finance, carbon capture, renewables, nature-based solutions, and renewable natural gas.

Heading the Energy Transition Group is Mike Cormier, appointed as Global Head. Reporting directly to Cathal Deasy and Taylor Wright, Global Co-Heads of Investment Banking, Cormier will work closely with Daniel Hanna, Global Head of Sustainable Finance. With over two decades of experience supporting clients in the Power and Energy sectors, Cormier has led Barclays’ Energy business in the Americas since 2021.

Wright emphasized the importance of adapting to lower carbon expectations and a more disrupted market landscape, stating, “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.”

Barclays, aligning with its 2050 net-zero ambition, remains committed to reducing financed emissions and aims to facilitate $1 trillion of Sustainable and Transition Financing between 2023 and the end of 2030. This includes supporting clients in their Green, Social, Transition, and broader Sustainable Financing requirements.