BARCLAYS has announced it will stop financing any new oil and gas projects after succumbing to mounting pressure from green activists.
The firm says it will also restrict its lending to any energy businesses that plan to expand on their fossil fuel production.
The move has been welcomed by campaign groups, albeit they say it hasn’t gone far enough.
The Rainforest Action Network claims Barclays was the biggest funder of the fossil fuels sector in Europe between 2016 and 2021.
But the bank’s Climate Change Statement said direct funding for oil and gas expansion, production or infrastructure will stop.
Barclays has also announced more restrictions on new financing for energy groups, though these will be stricter for new clients rather than existing ones.
