Barclays has announced that it will stop project or other direct finance to energy clients for upstream oil and gas expansion projects or related infrastructure under its revised Climate Change Statement.
The bank is also imposing restrictions on unconventional oil and gas; introducing requirements for energy clients to have 2030 methane reduction targets, a commitment to end all routine / non-essential venting and flaring by 2030, and near-term net zero aligned Scope 1 and 2 targets by January 24th. Additionally, the bank will phase out financing to all clients engaged in thermal coal mining.
Barclays has announced that it will stop project or other direct finance to energy clients for upstream oil and gas expansion projects or related infrastructure under its revised Climate Change Statement. The bank is also imposing restrictions on unconventional oil and gas; introducing requirements for energy clients to have 2030 methane reduction targets, a commitment to end all routine / non-essential venting and flaring by 2030, and near-term net zero aligned Scope 1 and 2 targets by January 24th. Additionally, the bank will phase out financing to all clients engaged in thermal coal mining.
Barclays announced it will no longer provide direct funding for new oil and gas projects.
According to a report from environmental group Rainforest Action Network, Barclays was the biggest funder of the fossil fuel sector in Europe between 2016 and 2021.
In what it called a Climate Change Statement, Barclays announced it would no longer provide direct funding for projects designed to expand oil and gas production or infrastructure related to such projects.
Barclays said there will also be restrictions on new financing for energy groups themselves, although these will be stricter for new clients than existing ones.
The latest announcement was welcomed by ShareAction, a group that campaigns for responsible investment.
Meanwhile, Make My Money Matter, the group that includes Thompson and Curtis said Barclays' plan was inadequate in scope and ambition.
Accuracy
No Contradictions at Time
Of
Publication
Deception
(50%)
Barclays has announced it will no longer provide direct funding for new oil and gas projects. However, the bank still provides significant lending to energy businesses that plan to expand their fossil fuel production. The announcement is a step in the right direction but does not go far enough as Barclays continues to fund catastrophic new fossil fuel projects around the world.
Barclays provided just under $16.5bn (£13bn) in 2022, although that was significantly lower than in previous years.
Fallacies
(85%)
The article contains several fallacies. The author uses an appeal to authority by stating that Barclays is a major lender to the fossil fuel industry and has been under pressure from various groups to curb its support for the sector. This statement implies that Barclays' position on this issue should be trusted without question, which is not necessarily true. Additionally, the author uses inflammatory rhetoric by describing environmental campaigners as
The report from environmental group Rainforest Action Network states that Barclays was the biggest funder of the fossil fuel sector in Europe between 2016 and 2021. It provided just under $16.5bn ($00A313bn) in 2022, although this was significantly lower than previous years.
The bank has been under pressure from environmental campaigners, shareholder activists and even celebrities to curb its support for the fossil fuel industry.
Bias
(85%)
Barclays has announced it will no longer provide direct funding for new oil and gas projects. The bank also says it will restrict lending to energy businesses that plan to expand their fossil fuel production. However, the announcement does not go far enough as Barclays is still providing financing for specific projects which makes up only a part of its overall lending to the sector.
Barclays has announced it will no longer provide direct funding for new oil and gas projects.
Site
Conflicts
Of
Interest (50%)
The article by Theo Leggett on BBC News has several examples of conflicts of interest. Firstly, the author is an employee of BBC News which may have a financial stake in Barclays as it could be one of its advertisers or sponsors. Secondly, the topic being reported on is related to environmental groups and their opposition to fossil fuel industry which may put them at odds with Barclays' business interests. Thirdly, Theo Leggett has previously written articles about Richard Curtis and Emma Thompson who are known for their activism against climate change which could affect his objectivity in reporting on this topic.
Author
Conflicts
Of
Interest (50%)
The author has a conflict of interest with the topic of fossil fuel industry as they are reporting on Barclays' decision to end direct financing for new oil and gas fields. The article also mentions Richard Curtis who is known for his activism against climate change.
Barclays introduces restrictions for new and non-diversified oil and gas clients engaged in expansion.
Establishes clear expectations of transition strategies and decarbonisation requirements for energy clients.
Publishes Transition Finance Framework to help meet $1trillion Sustainable and Transition Finance target.
Barclays releases a revised Climate Change Statement outlining new restrictions on unconventional oil and gas, including Amazon and extra heavy oil.
Requires energy clients to have 2030 methane reduction targets, a commitment to end all routine / non-essential venting and flaring by 2030 and near-term net zero aligned Scope 1 and 2 targets by January 2026.
Expectation for energy clients to produce transition plans or decarbonisation strategies by January 2025.
In the International Energy Agency NZE scenario, new long lead time upstream oil and gas projects are not required on a 1.5°C-aligned pathway.
Barclays understands the critical importance of energy being secure, reliable and affordable for our customers and clients.
Barclays will continue to support an energy sector in transition, focusing on diversified energy companies investing in low carbon with greater scrutiny on those engaged in developing new oil and gas projects.
Accuracy
No Contradictions at Time
Of
Publication
Deception
(50%)
Barclays is restricting its financing of new and non-diversified oil and gas clients engaged in expansion. They are also requiring energy clients to have methane reduction targets, a commitment to end all routine/non-essential venting and flaring by 2030, near-term net zero aligned Scope 1 and 2 targets by January 2026, produce transition plans or decarbonisation strategies by January 2025. Barclays is also publishing a Transition Finance Framework to support the energy sector in its transition to low carbon.
Barclays will not finance upstream oil and gas expansion projects or related infrastructure for new, non-diversified oil and gas clients engaged in expansion.
Fallacies
(80%)
The article contains several logical fallacies. Firstly, the author uses an appeal to authority by stating that Barclays is a leading global clean energy adviser and financier without providing any evidence or context for this claim. Secondly, the author commits a false dilemma by presenting only two options for energy clients: either they are actively engaged in the transition or not. This oversimplifies complex issues and ignores other factors that may be relevant to decarbonisation efforts. Thirdly, the author uses inflammatory rhetoric when stating that Barclays will continue to support an energy sector in transition while also restricting funding for new oil and gas projects. This creates a sense of conflict between supporting the industry and reducing emissions, which is not necessarily true. Finally, the article contains several examples of dichotomous depictions by presenting only two options for energy clients: either they are actively engaged in decarbonisation efforts or not.
Barclays will continue to support an energy sector in transition while also restricting funding for new oil and gas projects.
Bias
(85%)
Barclays has announced restrictions for new and non-diversified oil and gas clients engaged in expansion. The bank also requires energy clients to have 2030 methane reduction targets, a commitment to end all routine / non-essential venting and flaring by 2030, near-term net zero aligned Scope 1 and 2 targets by January 2026, produce transition plans or decarbonisation strategies by January 2025. The bank has also published a Transition Finance Framework to support the energy sector in its transition to low carbon.
Barclays announces restrictions for new and non-diversified oil and gas clients engaged in expansion.
Barclays is to stop directly financing new oil and gas projects after bowing to pressure from net zero activists.
The bank will crack down on clients who pursue any new oil and gas-only strategies without also developing green alternatives. It will stop offering project finance or other direct finance to oil and gas expansion.
Barclays has pledged to set climate tests for its energy clients such as committing 2030 methane reduction targets.
The bank is seeking to supply $1 trillion (£793bn) of green financing to projects by 2030.
Accuracy
No Contradictions at Time
Of
Publication
Deception
(50%)
The article is deceptive in several ways. Firstly, the title of the article suggests that Barclays has completely stopped funding new oil and gas projects which is not entirely accurate. The bank will stop offering project finance or other direct finance to oil and gas expansion but it will still provide financing for existing projects. Secondly, while the author claims that this move forms a key plank of Barclays' revised climate change strategy, there is no evidence in the article to support this claim. Thirdly, the author quotes Laura Barlow as saying that addressing climate change was a critical and complex challenge but does not provide any context or explanation for what she means by this statement.
The title of the article suggests that Barclays has completely stopped funding new oil and gas projects which is not entirely accurate. The bank will stop offering project finance or other direct finance to oil and gas expansion but it will still provide financing for existing projects.
Fallacies
(85%)
The article contains several fallacies. The author uses an appeal to authority by citing the bank's decision as a victory for net zero activists without providing any evidence of their involvement or influence on the decision. Additionally, the author uses inflammatory rhetoric when describing protesters targeting Barclays and claiming it is failing to tackle climate change. The article also contains an example of a dichotomous depiction by stating that Barclays will set methane reduction targets while piling greater scrutiny on companies solely focused on oil and gas, implying that these two actions are mutually exclusive when in fact they can be complementary. Finally, the author uses inflammatory rhetoric again when describing protesters claiming that fracking is causing so much environmental and social harm.
Barclays has set methane reduction targets for its energy clients
Protesters have repeatedly targeted Barclays, claiming it is failing to tackle climate change
The bank will pile greater scrutiny on companies solely focused on oil and gas
Bias
(100%)
None Found At Time Of
Publication
Site
Conflicts
Of
Interest (50%)
Michael Bow has a conflict of interest on the topics of Barclays and oil and gas funding as he is an energy analyst at Barclays. He also has a personal relationship with Andrew Milligan who was previously CEO of Standard Life Aberdeen, which owns Tesco Bank.
Michael Bow is an energy analyst at Barclays.
Author
Conflicts
Of
Interest (50%)
Michael Bow has a conflict of interest on the topics of Barclays and oil and gas funding as he is an energy analyst at Barclays. He also has a personal relationship with Andrew Milligan who was previously CEO of Tesco Bank.
Barclays is to stop project or other direct finance to energy clients for upstream oil and gas expansion projects or related infrastructure under its revised Climate Change Statement.
From June 30, it will not finance energy group whose shared aggregate share of production in Oil Sands, Extra Heavy Oil, Hydraulic Fracking in the UK/EU, and Arctic Circle exceeds 20% of their total oil and gas production.
By January 1st , for EU and OECD countries it will phase out financing to all clients engaged in thermal coal mining.
Accuracy
No Contradictions at Time
Of
Publication
Deception
(80%)
Barclays is imposing restrictions on unconventional oil and gas; introducing requirements for energy clients to have 2030 methane reduction targets, a commitment to end all routine / non-essential venting and flaring by 2030, and near-term net zero aligned Scope 1 and 2 targets by January 2026; expecting energy clients to produce transition plans or decarbonisation strategies by January 2025. These restrictions are examples of deceptive practices as they limit the ability of companies to invest in unconventional oil and gas, which is a significant source of greenhouse gas emissions. The requirements for methane reduction targets, venting and flaring cessation, and net zero aligned Scope 1 and 2 targets are also examples of deceptive practices as they create the illusion that Barclays is committed to reducing carbon emissions while in reality limiting investment opportunities in these areas.
Barclays will not finance energy group whose shared aggregate share of production in Oil Sands, Extra Heavy Oil, Hydraulic Fracking in the UK/EU, and Arctic Circle, exceeds 20% of their total oil and gas production. This is an example of deceptive practice as it limits investment opportunities for companies that rely on these sources.
Barclays will not fund clients engaged in exploration, appraisal, development and production of oil and gas in the Amazon Biome. This is an example of deceptive practice as it limits investment opportunities for companies that rely on these sources.
Barclays will phase out financing to all clients engaged in thermal coal mining by January 1st, 2030. This is also an example of deceptive practice as it creates the illusion that Barclays is committed to reducing carbon emissions while limiting investment opportunities for companies that rely on these sources.
Fallacies
(85%)
The article contains several logical fallacies. The author uses an appeal to authority by citing the International Energy Agency NZE scenario and stating that new long lead time upstream oil and gas projects are not required on a 1.5°C-aligned pathway without providing any evidence or context for this claim.
The article states,
Bias
(85%)
Barclays has announced that it will stop project or other direct finance to energy clients for upstream oil and gas expansion projects or related infrastructure under its revised Climate Change Statement. The bank is imposing restrictions on unconventional oil and gas; introducing requirements for energy clients to have 2030 methane reduction targets, a commitment to end all routine / non-essential venting and flaring by 2030, and near-term net zero aligned Scope 1 and 2 targets by January 2026; and expectation for energy clients to produce transition plans or decarbonisation strategies by January 2025. The bank is also phasing out financing to all clients engaged in thermal coal mining by the end of this year.
Barclays will stop project or other direct finance to energy clients for upstream oil and gas expansion projects or related infrastructure under its revised Climate Change Statement.
Site
Conflicts
Of
Interest (50%)
Barclays has a financial stake in the energy sector and is involved in upstream oil and gas expansion projects. The article discusses Barclays' decision to pull financing for an upstream gas expansion project, which could be seen as a conflict of interest if it were not disclosed.
Barclays has a financial stake in the energy sector
The article discusses Barclays' decision to pull financing for an upstream gas expansion project
Author
Conflicts
Of
Interest (50%)
Dominic Ellis has a conflict of interest on the topics of Barclays and energy clients as he is reporting for Gasworld.com which is owned by Barclays.
