"Barclays Shifts Focus to Decarbonization, Halts Direct Financing of New Oil and Gas Projects"
Barclays announces it will no longer directly fund new oil and gas projects and will restrict lending to energy businesses looking to expand fossil fuel production, following mounting pressure to curb its support for the sector. The banking giant's move was welcomed by environmental groups, but criticized for not going far enough, as it still allows loopholes for certain fossil fuel activities. This decision aligns with similar commitments made by other European banks, and comes as Barclays faces increasing scrutiny over its funding of the fossil fuel industry.