Barclays has announced to support the energy transition through direct financing to low carbon or renewable projects.
The company has announced that it will not provide project finance for upstream oil and gas expansion projects or related infrastructure.
According to the company, this comes under the company’s revised Climate Change Statement. As per this, it has asked energy clients to produce transition plans or decarbonisation strategies by January 2025.
Earlier, Barclays has pledged to finance $1tn of Sustainable and Transition Finance by 2030.
Laura Barlow, Group Head of Sustainability, was quoted in a statement, “Addressing climate change is a critical and complex challenge. We 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.”
Meanwhile, Daniel Hanna, Head of Sustainable Finance, Corporate and Investment Bank, remarked, “Capital 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.”
“Publishing our Transition Finance Framework reinforces our commitment to be transparent in how we are mobilising $1tn of Sustainable and Transition Finance by the end of 2030 while Barclays continues to be a leading global clean energy adviser and financier, unlocking growth from the energy transition,” he was further quoted.
