Barclays Announces End to Direct Financing for New Oil and Gas Projects

The British banking giant shifts its climate strategy, focusing on decarbonization and setting stricter financing criteria for fossil fuel expansion.

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.