While firefighters battled blazes across the south of England this week, Barclays helped arrange a $750 million bond deal for UK oil and gas giant Harbour Energy, Global Witness can reveal
Fire and rescue services attending the site of a wildfire in Suffolk in July 2026 in Dunwich, England. Humphrey Nemar / Pool / Getty Images
Barclays earned an estimated $700,000 from its involvement in the deal with Harbour Energy – a key player in North Sea oil production. Four other non-UK headquartered banks – Citigroup, Deutsche Bank, DNB Bank ASA and JPMorgan – were involved in the deal.
Harbour Energy is actively exploring new fields in Mexico, Argentina and recently obtained 9 new exploration licenses in Norway – but leading climate scientists have repeatedly warned that there must be no new oil and gas projects if global heating is to stay under 1.5 degrees.
Harbour Energy’s 2025 annual report said emissions from the oil and gas it sold were just over 67 million tonnes – equivalent to the annual emissions of Serbia. This represents an 85% increase compared with the previous year.
Fires in New Forest viewed on satellite imagery on the 10th August 2026. Courtesy of Planet Labs
Burning fossil fuels is the most significant contributor to climate breakdown, which in turn increases both the frequency and severity of wildfires.
The news of Barclay’s new financing of Harbour comes only two weeks after the bank assisted the company in executing a $250 million share buyback.
At the time of writing, fire is devastating the lives of ordinary people around the UK. Over 400 acres (1.6km2) of the New Forest has been affected, according to the leader of Hampshire County Council. A record drought in the UK has led to 72 fires in the country so far in 2026, burning over 230km2 – an area almost the size of Birmingham.
Firefighters trying to bring a wildfire under control in Bonhill, Scotland. Jeff J Mitchell / Getty Images
Barclays publicly states it won’t finance new fossil fuel expansion “projects”, but climate campaigners have previously criticised “loopholes” in its sustainability policy that still allows it to finance companies developing new oil and gas fields.
According to a recent analysis, Barclays provided a total of $34.1 billion of financing to global fossil fuel companies in 2025 alone.
In 2025, Barclays became the second major UK bank to withdraw from the now-defunct Net Zero Banking Alliance, arguing that its depleted membership undermined its effectiveness.
The revelations come at the same time that new UK Prime Minister has said he is seeking a “pragmatic” approach to new North Sea oil and gas drilling, which has drawn criticism by climate campaigners, including Global Witness.
Prime Minister Andy Burnham going to chair his first COBRA meeting on the UK’s ongoing response to extreme heat, wildfires and drought. Kin Cheung / WPA Pool / Getty Images
“Oil companies are making billions from the fossil fuels that turbocharge extreme heat and wildfires. The very least we should expect is for polluters – not the public – to pay for the damage,”
“The most ‘pragmatic’ decision is to follow the science and leave North Sea oil in the ground – to prevent even more UK land go up in flames in the future.”
In response to a request for comment, a Barclays spokesperson said that they do not comment on specific clients. However they added: “As a leading energy financier, we recognise the interconnectedness of economic growth, energy security and affordability and decarbonisation for the real economy.
Financing both conventional and cleaner energy is not a contradiction – it is what delivering the transition requires.”
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