The decision comes as the global financial sector faces mounting pressure to fight climate change by denying services to heavy emitters From jefflagerquist
Barclays' exit is now largely symbolic. According to the bank, its lending exposure to oil sands clients fell to zero at the end of last year.
"In light of this position . . . we are further restricting our business appetite," Barclays wrote in its 2022 annual report published on Wednesday. The decision comes as the global financial sector faces mounting pressure to fight climate change by denying services to heavy emitters. Barclays' previous policy made exceptions for oil sands companies with plans and projects to materially lower emissions.
On Wednesday, Barclays also expanded its plan to phase out financing for coal-fired power generation plants by 2030. The policy was broadened from the UK and European Union to other countries in the Organisation for Economic Co-operation and Development. Richard Brooks, climate finance director at North American environmental organization Stand.earth, says he's encouraged by the shrinking pool of bankers willing to work with emissions-intensive sectors."What's missing is the rest of Barclays dealbook outside of oil sands and coal," Brooks toldIn December, British banking giant HSBC Holdings said it will stop funding new oil and gas fields as part of policy overhaul.
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