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Today: Jun 13, 2024

Barclays: No More Direct Financing for Oil and Gas Projects

1 min read

TLDR:

Barclays has published a revised Climate Change Statement announcing its intention to stop directly financing new oil and gas projects as part of its climate strategy. The bank has committed to financing $1 trillion of Sustainable and Transition Finance by 2030, and has released a Transition Finance Framework to support this target. The updated statement outlines that Barclays will not provide project finance or other direct finance to energy clients for upstream oil and gas expansion projects or related infrastructure. The bank will also impose restrictions on new energy clients engaged in expansion, non-diversified energy clients engaged in long lead expansion, and unconventional oil and gas projects, including those involving Amazon and extra heavy oil. Barclays will continue to support energy companies that are transitioning to low carbon solutions while focusing on diversified energy companies.

Key points:

  • Barclays announces intention to stop directly financing new oil and gas projects as part of its climate strategy
  • The bank has committed to financing $1 trillion of Sustainable and Transition Finance by 2030
  • Barclays releases a Transition Finance Framework to support its climate targets
  • Updated Climate Change Statement imposes restrictions on certain energy clients and projects
  • The bank will continue to support energy companies transitioning to low carbon solutions

Barclays has published a revised Climate Change Statement announcing its intention to stop directly financing new oil and gas projects as part of its climate strategy. The bank has committed to financing $1 trillion of Sustainable and Transition Finance by 2030, and has released a Transition Finance Framework to support this target. The updated statement outlines that Barclays will not provide project finance or other direct finance to energy clients for upstream oil and gas expansion projects or related infrastructure. The bank will also impose restrictions on new energy clients engaged in expansion, non-diversified energy clients engaged in long lead expansion, and unconventional oil and gas projects, including those involving Amazon and extra heavy oil. Barclays will continue to support energy companies that are transitioning to low carbon solutions while focusing on diversified energy companies.