Activists have accused Barclays of funding multibillion-pound deals that expanded the fossil fuel industry last year despite the bank’s pledge to act on climate change.

The British bank participated in deals last year that arranged $ 97.6 billion (£ 70.6 billion) in loans and bonds for eight of the world’s largest oil and gas companies, BP, Chevron, Eni, Equinor, ExxonMobil, Repsol, Shell and Total, despite promises to reduce its carbon footprint to net zero by 2050, according to climate activists Market Forces.

The numbers come as shareholders pile in pressure on the bank for its climate change policy for the second year in a row because it remains one of the largest European fossil fuel donors.

The Rev. Canon Dr John Hall, who is among 100 investors supporting a resolution demanding that Barclays phase out funding for coal, oil and gas companies, said last week that “the house is on fire but the institutions fundraisers that support the fossil fuel industry are acting like arsonists ”.

Adam McGibbon, a UK market forces activist who conducted the latest research, said the bank is not breaking its climate change policies by funding these deals “it’s just the policies are so inadequate.”

“Barclays can say that it is aligned with the Paris Agreement, or that it can fund a massive expansion of the fossil fuel industry – it cannot do both,” he said.

The campaign group has already tabled a resolution that will be presented at the bank’s annual meeting in May, urging Barclays to detail clearer plans on how it intends to phase out fossil fuel financing amid concerns, little Much has changed since the bank faced a landmark resolution from a group of investors a year ago.