Barclays on Wednesday said it was tightening lending criteria for coal power and would stop financing oil sands exploration and production, but did not announce new restrictions on oil and gas lending as some rivals have.
However, some environmental activists had hoped the bank would announce a new policy on financing for oil and gas, afterBarclays also set its first emission-cutting target for the automotive manufacturing industry, with a pledge to reduce emissions intensity by between 40% and 64% by 2030 against a 2022 baseline.
For the residential real estate sector, Barclays set a "convergence point" of reducing emissions by 40% by 2030, which it said was not a target because decarbonising UK homes was dependent on wider changes beyond its control. The bank said it was on track to meet its 2030 targets with reductions in financed emissions for industries including energy, power and steel.
The absolute emissions generated by its energy clients have dropped 32% since 2020, putting it on track for a 40% reduction by 2030, but the bank acknowledged this was helped by cash-rich energy customers needing less finance in 2022.
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