<
https://www.reuters.com/world/uk/barclays-adopt-fresh-curbs-oil-gas-financing-2024-02-09/>
'LONDON, Feb 9 (
Reuters) - Barclays (BARC.L), Britain's biggest lender to the
oil and gas industry, told
Reuters it will stop direct financing of new oil
and gas fields and restrict lending more broadly to energy companies expanding
fossil fuel production.
The move, part of its Transition Finance Framework (TFF), published on Friday,
follows intense pressure from campaigners over its energy policy amid an
increase in climate damaging emissions from the burning of fossil fuels.
In addition, from 2025, the bank will curb broader financing to non-diversified
companies such as pure-play exploration companies if more than 10% of their
expenditure goes toward expanding production over the longer term.
Barclays group head of sustainability Laura Barlow said the new policy was part
of its commitment to reduce emissions linked to the bank's lending and bolster
finance to greener alternatives.
"It's about strengthening our focus on the energy transition," Barlow said.
Barlow said existing upstream energy clients that breach the 10% threshold
would go through an enhanced oversight process that also looked at the client's
investment in decarbonisation.
"It wouldn't be a red line but ... would inform our risk appetite," Barlow
said.
Barclays joins banks such as HSBC and BNP Paribas that are tightening oil and
gas lending while pledging to increase funding to areas such as renewable
energy that can help cap global warming, targeting $1 trillion in such lending
by 2030.'
Via
Fix the News:
<
https://fixthenews.com/good-news-human-rights-greece-education-burundi-reforestation-america/>
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
