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Barclays, once major funder, commits to stop financing oilsands

The Canadian Press
Barclays, once major funder, commits to stop financing oilsands

EDMONTON — Barclays PLC, once a major oilsands funder, says it will no longer provide financing to the industry.

The London-based bank had already set restrictions around oilsands financing that had cut its lending exposure to zero as of the end of 2022, while the policy update formalizes the ban that also excludes the financing of new oilsands pipelines.

The decision marks a notable shift from just a few years ago, when between 2016 and 2021 the bank provided US$4.3 billion to oilsands companies to make it the seventh-largest funder, according to the Banking on Climate Chaos report.

Canada’s TD Bank Group and RBC were by far the largest funders in that period, each providing more than US$27 billion in financing, according to the report. climate finance director Richard Brooks says Barclays’ decision shows international banks are walking away from the emissions-heavy industry, even as Canadian banks continue to finance it.

HSBC said in December that it would stop funding new oil and gas fields, though the commitment didn’t extend to its Canadian division that RBC has agreed to buy.

© 2023 The Canadian Press

Recent Comments (1 comments)

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Nancy J Forget Image Nancy J Forget

I hope Barclays electric bike project is a flop! Everyone is rushing for electric bikes,cars,trucks, name it BUT, what’s going to happen when large power failures happen due to storms, natural disasters and war; just look at Ukraine, Turkiye, and power failures in USA due to fires, floods.
Nothing like putting the cart before the horse!
Canada’s Fort Mac oil sands have been going for cleaner energy for past two years.
If England want to drop our energy, I feel we Canadians should drop them (Commonwealth).


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