Barclays, Britain’s biggest lender to the oil and gas industry, told Reuters it will stop direct financing of new oil and gas fields and restrict lending more broadly to energy companies expanding fossil fuel production.
The move, part of its Transition Finance Framework (TFF), published on Friday, follows intense pressure from campaigners over its energy policy amid an increase in climate damaging emissions from the burning of fossil fuels.
In addition, from 2025, the bank will curb broader financing to non-diversified companies such as pure-play exploration companies if more than 10% of their expenditure goes toward expanding production over the longer term.
Barclays group head of sustainability Laura Barlow said the new policy was part of its commitment to reduce emissions linked to the bank’s lending and bolster finance to greener alternatives.
“It’s about strengthening our focus on the energy transition,” Barlow said.
Barlow said existing upstream energy clients that breach the 10% threshold would go through an enhanced oversight process that also looked at the client’s investment in decarbonisation.
via Reuters
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