Barclays to quit funding new oil and gas

Barclays PLC (LSE:BARC) has committed to ending financing for new oil and gas projects and said it will reign in spending on firms involved in expanding fossil fuel production. New finance for upstream oil and gas projects and related infrastructure will cease immediately, Barclays said in a statement on Friday. Financing for non-diversified energy firms will be curbed from 2025 if over 10% of their long-term expenditure is set aside for expanding oil and gas production, meanwhile.  “The scale of our busine ...