O Death
O Death IRINA SLAV In February this year, Barclays announced it would stop direct financing for “energy clients, for upstream oil and gas expansion projects or related infrastructure.” The bank followed a massively popular trend in the industry of boosting support for transition-related businesses at the expense of traditional energy because traditional energy was the new plague, at least reputationally speaking. There must have also been plans to profit from the transition, no doubt, because forecasts and projections said it would be profitable. Fast forward five months and imagine my surprise when Barclays’ CEO, CS Venkatakrishnan told Bloomberg this week that banks couldn’t just quit oil and gas “cold turkey” and that the “reality is that for quite some time, fossil fuels will be with us.” In the same report, Bloomberg graciously informed us that Barclays is not the only one having sort of second thoughts about this whole move away from oil and gas business, especially in the