{"id":301359,"date":"2024-02-11T18:25:45","date_gmt":"2024-02-11T17:25:45","guid":{"rendered":"https:\/\/climatescience.press\/?p=301359"},"modified":"2024-02-11T18:27:58","modified_gmt":"2024-02-11T17:27:58","slug":"barclays-reins-in-oil-and-gas-funding-in-victory-for-net-zero-activists","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=301359","title":{"rendered":"Barclays reins in oil and gas funding in victory for net zero activists"},"content":{"rendered":"\n
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<\/p>\n\n\n\n

Lender also strikes deal to buy Tesco Bank for \u00a3600m.<\/em><\/strong><\/p>\n\n\n\n

Barclays is to stop directly financing new oil and gas projects<\/a> after bowing to pressure from net zero activists.<\/p>\n\n\n\n

The lender \u2013 which also separately announced a \u00a3600m takeover of rival Tesco Bank \u2013 has pledged to crack down on clients who pursue any new oil and gas-only strategies without also developing green alternatives. It will stop offering project finance or other direct finance to oil and gas expansion.<\/p>\n\n\n\n

The move forms a key plank of\u00a0the bank\u2019s revised climate change strategy<\/a>, in which Barclays will set climate tests for its energy clients such as committing\u00a0to\u00a02030 methane reduction targets. The Telegraph<\/a> has the story.<\/p>\n\n\n\n

Barclays, which has been repeatedly targeted by protesters claiming it is failing to tackle climate change, is seeking to supply $1 trillion (\u00a3793bn) of green financing to projects by 2030.<\/p>\n\n\n\n

The bank will also pile greater scrutiny on companies solely focused on oil and gas<\/a>. Diversified companies investing in low-carbon schemes will be supported more by the bank.<\/p>\n\n\n\n

Barclays head of sustainable finance Daniel Hanna said: \u201cCapital is critical to the energy transition, to decarbonise hard-to-abate sectors for the world to reach net zero emissions and create a resilient economy.\u201d<\/p>\n\n\n\n

Head of sustainability Laura Barlow added that addressing climate change was a \u201ccritical and complex challenge\u201d.<\/p>\n\n\n\n

\u201cWe continue to work with our energy clients as they decarbonise and support their efforts to transition in a manner that is just, orderly and addresses energy security,\u201d she added.<\/p>\n\n\n\n

Barclays is a relatively small global player on energy project finance and sits outside the world\u2019s top 15 lenders, meaning it is unlikely to have a major impact on new oil and gas projects.<\/p>\n\n\n\n

Responsible investment charity ShareAction welcomed the move but said the bank could have gone further.<\/p>\n\n\n\n

Campaign manager Kelly Shields said the bank should demand clients stop oil and gas exploration, which she said adds to climate change.<\/p>\n\n\n\n

\u201cBarclays is wrong not to have ruled out financing companies that focus exclusively on fossil fuel extraction. This should include fracking, which is causing so much environmental and social harm and is an activity the bank is heavily exposed to,\u201d she said.<\/p>\n\n\n\n

Read the full story here<\/a>.<\/em><\/strong><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Lender also strikes deal to buy Tesco Bank for \u00a3600m.<\/p>\n","protected":false},"author":121246920,"featured_media":301362,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"Lender also strikes deal to buy Tesco Bank for \u00a3600m.","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691826868,691826866,691826864,691818056,691826867,691818154,691826865,691826869],"class_list":{"0":"post-301359","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","8":"tag-1-trillion-793bn-of-green-financing","9":"tag-600m-takeover","10":"tag-barclays","11":"tag-climate-change","12":"tag-methane-reduction-targets","13":"tag-net-zero","14":"tag-net-zero-activists","15":"tag-tesco-bank","17":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/02\/0-money-drill.jpeg?fit=2000%2C1333&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1goD","jetpack-related-posts":[{"id":392563,"url":"https:\/\/climatescience.press\/?p=392563","url_meta":{"origin":301359,"position":0},"title":"Barclays follows HSBC in exit from banking industry\u2019s net zero\u00a0alliance","author":"uwe.roland.gross","date":"03\/08\/2025","format":false,"excerpt":"US banks have already pulled out of NZBA, the UN environment programme\u2019s finance initiative","rel":"","context":"In \"Barclays\"","block_context":{"text":"Barclays","link":"https:\/\/climatescience.press\/?tag=barclays"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/08\/ChatGPT-Image-1.-Juni-2025-12_39_28.png?fit=1024%2C1024&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/08\/ChatGPT-Image-1.-Juni-2025-12_39_28.png?fit=1024%2C1024&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/08\/ChatGPT-Image-1.-Juni-2025-12_39_28.png?fit=1024%2C1024&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/08\/ChatGPT-Image-1.-Juni-2025-12_39_28.png?fit=1024%2C1024&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":241565,"url":"https:\/\/climatescience.press\/?p=241565","url_meta":{"origin":301359,"position":1},"title":"Stephen Fry, Emma Thompson and Aisling Bea: Stop Financing Fossil Fuel","author":"uwe.roland.gross","date":"26\/01\/2023","format":false,"excerpt":"What can I say? 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The report pulls no punches in flipping the script on the climate establishment\u2019s favourite bogeyman. For years, we\u2019ve been lectured that fossil fuels are the quintessential stranded assets \u2014 trillions\u2026","rel":"","context":"In \"Barclays study\"","block_context":{"text":"Barclays study","link":"https:\/\/climatescience.press\/?tag=barclays-study"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/AQNHl9AKaUujnp_oKefu2SSDZXqj5kkKnpsg2QUx1mG9gJiWTdguYjXMjVIa4vDgyWpjb0eadWQTVMvjaIrrOSiDo6A8U0tP3foiGqRpDmQ-EIlH29q2AYMajvpHZF9wJy_ZLSIM_tJ0TKAcwD65T_m0BEvRig.jpeg?fit=1200%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/AQNHl9AKaUujnp_oKefu2SSDZXqj5kkKnpsg2QUx1mG9gJiWTdguYjXMjVIa4vDgyWpjb0eadWQTVMvjaIrrOSiDo6A8U0tP3foiGqRpDmQ-EIlH29q2AYMajvpHZF9wJy_ZLSIM_tJ0TKAcwD65T_m0BEvRig.jpeg?fit=1200%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/AQNHl9AKaUujnp_oKefu2SSDZXqj5kkKnpsg2QUx1mG9gJiWTdguYjXMjVIa4vDgyWpjb0eadWQTVMvjaIrrOSiDo6A8U0tP3foiGqRpDmQ-EIlH29q2AYMajvpHZF9wJy_ZLSIM_tJ0TKAcwD65T_m0BEvRig.jpeg?fit=1200%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/AQNHl9AKaUujnp_oKefu2SSDZXqj5kkKnpsg2QUx1mG9gJiWTdguYjXMjVIa4vDgyWpjb0eadWQTVMvjaIrrOSiDo6A8U0tP3foiGqRpDmQ-EIlH29q2AYMajvpHZF9wJy_ZLSIM_tJ0TKAcwD65T_m0BEvRig.jpeg?fit=1200%2C1200&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/AQNHl9AKaUujnp_oKefu2SSDZXqj5kkKnpsg2QUx1mG9gJiWTdguYjXMjVIa4vDgyWpjb0eadWQTVMvjaIrrOSiDo6A8U0tP3foiGqRpDmQ-EIlH29q2AYMajvpHZF9wJy_ZLSIM_tJ0TKAcwD65T_m0BEvRig.jpeg?fit=1200%2C1200&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":352801,"url":"https:\/\/climatescience.press\/?p=352801","url_meta":{"origin":301359,"position":3},"title":"Dairy cows given synthetic additive in feed to hit net zero","author":"uwe.roland.gross","date":"29\/11\/2024","format":false,"excerpt":"Morrisons, Tesco and Aldi say it\u2019s a \u2018great way of testing\u2019 how to reduce methane emissions Europe\u2019s biggest dairy company is facing a backlash after giving cows a synthetic additive to their feed in an\u00a0attempt to cut their methane emissions.","rel":"","context":"In \"Additives\"","block_context":{"text":"Additives","link":"https:\/\/climatescience.press\/?tag=additives"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/11\/0Dairystar_Provita_Supplements.jpg?fit=1200%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/11\/0Dairystar_Provita_Supplements.jpg?fit=1200%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/11\/0Dairystar_Provita_Supplements.jpg?fit=1200%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/11\/0Dairystar_Provita_Supplements.jpg?fit=1200%2C800&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/11\/0Dairystar_Provita_Supplements.jpg?fit=1200%2C800&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":242445,"url":"https:\/\/climatescience.press\/?p=242445","url_meta":{"origin":301359,"position":4},"title":"Breaking Business Windows Okay? 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