Barclays is to stop project or other direct finance to energy clients for upstream oil and gas expansion projects or related infrastructure under its revised Climate Change Statement.
Alongside restrictions for new energy clients engaged in expansion, Barclays is imposing restrictions on unconventional oil and gas; introducing requirements for energy clients to have 2030 methane reduction targets, a commitment to end all routine / non-essential venting and flaring by 2030, and near-term net zero aligned Scope 1 and 2 targets by January 2026; and expectation for energy clients to produce transition plans or decarbonisation strategies by January 2025.
From June 30, it will not finance energy group whose shared aggregate share of production in Oil Sands, Extra Heavy Oil, Hydraulic Fracking in the UK/EU, and Arctic Circle, exceeds 20% of their total oil and gas production, nor will it fund clients engaged in exploration, appraisal, development and production of oil and gas in the Amazon Biome.
By 1 January 2030, for EU and OECD, it will phase out financing to all clients engaged in thermal coal mining.
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