ESG & Investing
Barclays to Halt Direct Financing of New Oil, Gas Projects
- Plan comes after Barclays creates transition finance desk
- Bank has set $1 trillion ESG and transition finance target
Barclays provided $4.9 billion in loans to the fossil-fuel industry in 2023.
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
Barclays Plc plans to halt the direct financing of new oil and gas projects, as the UK bank expands the scope of assets that will find it harder to gain access to capital in future.
The plan entails restrictions for new and non-diversified oil and gas clients engaged in expansion, according to an emailed statement. Barclays said its new policy sets out “clear expectations of transition strategies and decarbonization requirements for energy clients.”