Engaging with clients on their transition and decarbonisation efforts is at the core of our approach.

From 2025, energy clients will be expected to be producing relevant information in relation to their transition plans or decarbonisation strategies. Clients’ transition plans and decarbonisation strategies will continue to be evaluated using our Client Transition Framework, which supports our evaluation of our clients’ current and expected future progress as they transition to a low carbon business model⁴.

The energy companies unable or unwilling to reduce their emissions or play a role in the energy transition may find it increasingly difficult to access financing from Barclays.

We have stringent policies on thermal coal power and mining.

Barclays does not finance any pureplay thermal coal companies.  We do not provide financing to companies that generate more than 30% of their revenues from thermal coal mining, or 50% from thermal coal power.

Consistent with the International Energy Agency’s Scenarios, we are committed to phase-out lending to clients engaged⁵ in thermal coal by 2030 for EU and OECD countries and by 2035 in the rest of the world.

For details on the exact scope and application of, and any exceptions to, these restrictions and how terms are defined please refer to the Climate Change Statement found at: home.barclays/sustainability/esg-resource-hub/statements-and-policy-positions

We do not provide financing to Oil Sands exploration and production companies, and we do not provide direct financing wholly or primarily for the construction of new Oil Sands exploration, production and/or processing assets or pipelines.

We will also not provide general corporate purposes financing that is specified as being wholly or primarily for the construction of new Oil Sands exploration, production, processing assets or pipelines.

We do not provide direct financing for oil and gas projects in the Arctic Circle , or financing to clients materially engaged in oil and gas exploration and production or pipeline transportation operations in the Arctic Circle.

We do not provide financing to clients with ancillary oil & gas businesses in the Arctic Circle where proceeds are known to be for supporting new oil & gas exploration, production or new pipeline transportation projects in the Arctic Circle.

For details on the exact scope and application of, and any exceptions to, these restrictions and how terms are defined please refer to the Climate Change Statement found at: home.barclays/sustainability/esg-resource-hub/statements-and-policy-positions

Barclays is supporting an energy sector in transition. Reserves with shorter lead times remain an important part of near-term energy supply in the International Energy Agency’s NZE scenario.

Shale projects, from fracking, typically have a short production cycle, so they can start production within months of an investment decision.

We recognise the risks of greater environmental and social impacts from fracking and conduct enhanced due diligence on clients engaged in fracking.

Changes to our Climate Change Statement are informed by engagement with our stakeholders, including shareholders, clients, climate experts and civil society groups. Our climate strategy is overseen by the Barclays Board, and continues to evolve, taking into account market, technological, regulatory and geopolitical developments, as well as all relevant risks we face as a result of climate change, including financial, credit and market risk.

As our climate strategy continues to evolve in light of the external environment in which Barclays operates, we are committed to continue to engage with our stakeholders.