Barclays Commits to Restricting Funding for New Oil and Gas Projects

Barclays, the largest lender to the oil and gas industry in Britain, announced new restrictions on financing, including stopping direct funding for new oil and gas fields and setting tougher targets for all energy clients to reduce emissions. The move is part of its Transition Finance Framework (TFF) and follows pressure from campaigners over its energy policy amid increasing climate damaging emissions. The bank will also curb financing to non-diversified companies and require all energy sector clients to present transition plans and decarbonisation strategies.