Banking Giant Barclays Restricts Funding for New Oil and Gas Projects
Barclays, a major player in the banking industry, has announced a significant shift in its financing strategy by revealing plans to cease direct funding for new oil and gas projects. This decision marks a notable departure from its previous support for the fossil fuel industry and comes amidst mounting pressure to address climate concerns. The banking giant's move includes imposing restrictions on lending to energy companies intending to expand their fossil fuel production activities. While Barclays has long been a key lender to the fossil fuel sector, its decision reflects a growing trend among financial institutions to align with sustainability...