BCS - Barclays Bets Big on Green Transition Reportedly Turns Up the Heat on Oil & Gas Lending | Benzinga
Barclays PLC (NYSE:BCS) reportedly 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), follows intense pressure from campaigners over its energy policy amid higher climate-damaging emissions from burning fossil fuels, reported Reuters.
Also, from 2025, the bank plans to stop broader financing to non-diversified companies, including pure-play exploration companies, if over 10% of their expenditure accounts for expanding production in the longer term.
As per the report, Barclays group ...