Barclays Bank

Barclays has announced it will no longer provide direct funding for new oil and gas projects. The banking giant said in a statement that it will restrict lending to energy businesses that plan to expand their fossil fuel production. Barclays is a major lender to the fossil fuel industry, but has been coming under mounting pressure to curb its support for the sector. According to a report from environmental group Rainforest Action Network, Barclays was the biggest funder of the fossil fuel sector in Europe between 2016 and 2021. It provided just under $16.5bn in 2022, although that was significantly…