Overview

• Barclays will no longer provide direct funding for new oil and gas projects, including those in the Amazon and Arctic Circle.
• The bank introduces restrictions on lending to energy businesses planning to expand fossil fuel production, with stricter criteria for new clients.
• Environmental groups welcome the move but criticize it for not going far enough, highlighting loopholes in the new policy.
• The decision follows intense pressure from environmental campaigners, shareholder activists, and celebrities to reduce support for the fossil fuel sector.
• Barclays aims to support the energy sector's transition to decarbonization, requesting transition plans from oil and gas clients by January 2025.