Barclays recently announced a major policy shift: the bank will no longer provide direct funding for new oil and gas extraction projects.
This decision is a key part of Barclays’ Transition Finance Framework, a strategic move towards environmental sustainability and reduced investments in climate-impacting activities.
Starting in 2025, Barclays will also restrict financial support to companies heavily involved in fossil fuel production, particularly if their expansion spending exceeds 10% of their budget.
Laura Barlow, Barclays’ Head of Sustainability, highlighted the bank’s commitment to aiding the transition to greener energy sources.
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