Photo: Tom Fournier | Pexels
Barclays says it will no longer provide direct funding for projects to expand oil and gas production or infrastructure related to such projects, and will end direct funding for any oil and gas projects in the Amazon or in the Arctic Circle, or which were aimed at extracting, processing or transporting oil from oil sands. Rainforest Action Network said Barclays was the biggest funder of the fossil fuel sector in Europe between 2016 and 2021. In 2022, it provided just under $16.5bn, down from $30 million in 2019 and 2020. The bank has been under pressure from environmental campaigners, shareholder activists and celebrities to curb its support.
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