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illuminem summarizes for you the essential news of the day. Read the full piece on Euronews or enjoy below:
🗞️ Driving the news: Barclays has announced a significant shift in its financing policy, declaring it will no longer fund new oil and gas fields
• This decision marks a pivotal change for the British bank, previously known as the second biggest funder of fossil fuels in Europe, and is hailed as a victory by climate campaigners who have long criticized the bank's investments in fossil fuels
🔭 The context: The bank's new climate policy includes stopping direct funding for upstream oil and gas expansion projects and unconventional oil and gas extraction, affecting major clients like ExxonMobil, Shell, TotalEnergies, and BP
• Barclays aims to support its clients' transition to greener energy sources, requiring them to present decarbonization plans by January 2025
🌍 Why it matters for the planet: Barclays' decision reflects growing pressure on financial institutions to align their investment strategies with global climate goals
• While this move is a step forward in reducing financial support for fossil fuel expansion, campaigners argue that it doesn't fully address the bank's role in climate change and call for more comprehensive actions to halt financing for all fossil fuel companies
⏭️ What's next: The effectiveness of Barclays' policy change in contributing to global climate efforts will depend on its implementation and whether it leads to meaningful reductions in fossil fuel financing
💬 One quote: “Addressing climate change is a critical and complex challenge,” (Laura Barlow, group head of sustainability at Barclays)
📈 One stat: Barclays lent $190.5 billion to the fossil fuel industry since the Paris Agreement, highlighting the significant impact of its financing activities on the environment
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