Barclays to end direct financing of new oil and gas fields

Barclays has announced it will no longer provide direct funding for new oil and gas projects. In what it called a Climate Change Statement, Barclays announced it would no longer provide direct funding for projects designed to expand oil and gas production, or infrastructure related to such projects. It said it would also 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. Its chief executive, Tony Burdon, said: "While they finally caught up with other major European banks like Lloyds by ruling out direct project finance for fossil fuels, the reality is this covers just a fraction of their oil and gas lending."This new policy lets them continue funnelling billions to those companies developing catastrophic new fossil fuel projects around the world. Barclays has pointed out that oil and gas funding represents a very small proportion of its overall activities.

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