Barclays has announced it will no longer provide direct funding for new oil and gas projects.
The banking giant also says it will restrict lending to energy businesses that plan to expand their fossil fuel production.
Barclays is a major lender to the fossil fuel industry, but has been coming under mounting pressure to curb its support for the sector.
Barclays is a major lender to the fossil fuel industry, but has been coming under mounting pressure to curb its support for the sector.
According to a report from environmental group Rainforest Action Network, Barclays was the biggest funder of the fossil fuel sector in Europe between 2016 and 2021.
It provided just under $16.5bn (£13bn) in 2022, although that was significantly lower than in previous years. In 2019 and 2020, the figure was more than $30bn.
However, the bank has been under pressure from environmental campaigners, shareholder activists and even celebrities to curb its support.
Last year, a campaign group including the actress Emma Thompson and the film director Richard Curtis called on the All England Lawn Tennis Club to remove Barclays as a sponsor of Wimbledon. They claimed the bank was “profiting from climate chaos”.
In what it called a Climate Change Statement, Barclays announced it would no longer provide direct funding for projects designed to expand oil and gas production, or infrastructure related to such projects.
Barclays has announced it will no longer provide direct funding for new oil and gas projects.
Barclays is a major lender to the fossil fuel industry, but has been coming under mounting pressure to curb its support for the sector.
The banking giant also says it will restrict lending to energy businesses that plan to expand their fossil fuel production.
According to a report from environmental group Rainforest Action Network, Barclays was the biggest funder of the fossil fuel sector in Europe between 2016 and 2021.
Barclays is a major lender to the fossil fuel industry, but has been coming under mounting pressure to curb its support for the sector.
Barclays is a major lender to the fossil fuel industry, but has been coming under mounting pressure to curb its support for the sector.
According to a report from environmental group Rainforest Action Network, Barclays was the biggest funder of the fossil fuel sector in Europe between 2016 and 2021.
It provided just under $16.5bn (£13bn) in 2022, although that was significantly lower than in previous years. In 2019 and 2020, the figure was more than $30bn.
However, the bank has been under pressure from environmental campaigners, shareholder activists and even celebrities to curb its support.
Last year, a campaign group including the actress Emma Thompson and the film director Richard Curtis called on the All England Lawn Tennis Club to remove Barclays as a sponsor of Wimbledon. They claimed the bank was “profiting from climate chaos”.
In what it called a Climate Change Statement, Barclays announced it would no longer provide direct funding for projects designed to expand oil and gas production, or infrastructure related to such projects.
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