Barclays Bank has announced that it will stop directly funding new gas and oil projects. A new Climate Change Statement from the bank revealed that Barclays will require its clients in the energy sector to produce decarbonization or energy-transition strategies by the start of 2024.
The United Kingdom-based bank also released a new Transition Finance Framework that outlined its conditions for classifying funding for decarbonizing high-emission industries as “transition.” The new framework is part of Barclays’ efforts to reach its goal of facilitating $1 trillion in sustainable and transition finance by the decade’s end. A statement from the bank…
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