Barclays bank has announced it will no longer finance new oil and gas projects, as part of an update on its climate strategy. Simply put, this significant move means projects seeking capital for upstream oil & gas expansion and infrastructure will not receive it from Barclays. The bank expects its energy clients to have decarbonisation strategies or transition plans by January 2025. This is a powerful move supporting the energy transition and will help sharpen the focus on technologies and business regarding energy efficiency and emission reductions.
Stopping investments in fossil fuel
Stopping investments in fossil fuel because of climate change is very much in line with our Climate Assets Funds’ ethos and philosophy.
Recently, I have been taken on a rollercoaster ride through the oil industry by BBC drama State of Happiness. Set against the backdrop of Norway’s oil boom in the late 1960s, the show delves into the personal and political struggles of those living and working in a small fishing town at the centre of — what was at the time — the biggest discovery of underwater oil.
As Barclays distance itself from fossil fuels, the show serves as a timely reminder of the complex relationship between power, politics and the planet. Can we strike a balance? Can we find happiness without damaging the planet?
Author
Claudia Quiroz
Head of Sustainable InvestmentI lead the sustainable investment team at Quilter Cheviot, dedicated to serve clients who would like to invest in companies offering solutions to the economic and environmental problems of urbanisation, climate change and resource scarcity.
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Climate Assets Funds
The Climate Asset Funds invests in companies that make a positive contribution to the world, with a strong underpinning of ethical values.