Protesters have repeatedly attacked the bank, saying it is failing to tackle climate change.
Barclays will stop direct financing of new oil and gas fields. projects after succumbing to pressure from zero-emission activists.
The lender, which also separately announced a £600m takeover of rival Tesco Bank, has vowed to crack down on clients who implement any new oil and gas-only strategies without developing environmentally friendly alternatives. It will stop offering project financing or other direct financing to expand oil and gas production.
The move forms a key element of the bank's revised climate strategy, which will see Barclays undertake climate tests for its energy clients, such as its commitment to reducing methane emissions by 2030.
Barclays, which Repeatedly attacked by protesters who say it fails to tackle climate change, it aims to provide $1tn (£793bn) in green finance for projects by 2030.
The bank will also pay more attention to companies specializing exclusively in oil and gas. Diversified companies investing in low carbon schemes will receive additional support from the bank.
In a separate move, Barclays announced a rise in sterling $600 million deal to buy Tesco bank. Credit: Andrew Milligan/PA
Barclays head of sustainable finance Daniel Hannah said: “Capital is critical to the energy transition, to decarbonising hard-to-cut sectors so the world can achieve net-zero emissions and create sustainable economies.”
Head of Sustainability Laura Barlow added that addressing climate change is “critical and challenging.”
“We continue to work with our energy customers as they decarbonize and support their transition efforts in a fair and orderly manner. and deals with energy security issues,” she added.
Barclays is a relatively small global player in energy finance and is not among the world's 15 largest lenders, meaning it is unlikely to have a major impact on new oil and gas projects.
Responsible investment charity ShareAction welcomed this step. but said the bank could have gone further.
Campaign director Kelly Shields said the bank should require customers to stop oil and gas exploration, which she says contributes to climate change.
“Barclays is wrong to rule out funding purely fossil fuel companies. This should include fracking, which causes enormous environmental and social damage and is an activity to which the bank is highly exposed,” she said.
Meanwhile, Barclays struck a deal on Friday to buy the majority of Tesco Bank for at least £600 million. in a bid to expand its consumer finance business.
As a result of the deal, Barclays will take over the management of Tesco Bank's credit cards, unsecured consumer loans, deposits and operating systems.
Around 2,800 Tesco employees will also transfer at Barclays.
A takeover is likely. to increase the scale of Barclays' credit card business, which has been shrinking over the past four years. The bank will also take responsibility for selling Tesco-branded cards and financial products for 10 years.
Tesco chief executive Ken Murphy said the takeover would bring «great benefits» to its banking customers.
As part of the deal, Barclays will take on board £4.2 billion of credit card balances, £4.1 billion of unsecured consumer loans and £6.7 billion of deposits.
Tesco Bank Adjusted Operating Profit 85 million pounds sterling is equal to 1 per cent of Barclays' annual profits.
Barclays will also pay Tesco £50 million for the use of its brand on white label credit cards distributed through Tesco branches.
Tesco should behind Sainsbury's bank, which is leaving the financial services market. Last year, Sainsbury's bank said it would withdraw the new service.
Both supermarkets opened banks in the early 1990s to take advantage of their supermarket chains. However, the decline of branch banking has eroded its strategic advantage over other financial services brands.
CS Venkatakrishnan, chief executive of Barclays, is preparing to unveil the bank's new strategy when it announces its annual results. February 20th. Further information about the Tesco Bank acquisition is expected to be revealed at that time.
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