Luke Davies, Group CEO office, Barclays:
My name is Luke Davies and I'm the co-creator of the Barclays Green Deposit. So we know that we need 90 trillion dollars to transition to a low-carbon economy and keep the average global temperatures to below 2 degrees. Barclays Green Deposit allows our clients and the bank to do that. The Barclays Green Deposit provides comfort to our clients that their balances are being earmarked against green assets.
The product itself takes bank risk which is important for our clients that are continuing to discover and liaise with their treasury partners around their counterparty policy and it's important to note that the product itself at the moment is available in a 95 day and 65 day notice account, which pays a very similar interest rate to those of our vanilla 95 or 65 day notice accounts.
The Green Deposit takes bank risk and it provides our clients with a quarterly impact report which allows them to see what bonds we are earmarking the balances to. The Barclays Green Deposit is just one of many ways that the bank's supporting our clients to deliver for a greener future.