Barclays Pledges No New Funding for Upstream Oil and Gas

Barclays announces new commitments to support the energy transition

Barclays has made a significant announcement regarding its stance on supporting the transition to clean energy. The bank has pledged to cease providing new finance for upstream oil and gas projects, as well as related infrastructure. This move aligns with the International Energy Agency’s goal of achieving a net-zero energy scenario and a 1.5C-aligned pathway. In addition, Barclays has published its first transition finance framework, with the aim of facilitating $1 trillion of sustainable and transition finance by 2030.