Barclays published a new energy policy on 9 February 2024. This briefing reviews key updates to the policy, focusing on oil & gas. It compares Barclays’ position to its direct peers and leading practice in the European banking sector. The policy includes some positive commitments, but the bank retains significant discretion over its continued support of oil & gas expansion activities that are incompatible with 1.5C scenarios. The briefing outlines what investors can do to ensure Barclays’ commitments have the intended impact and further encourage the bank to close the remaining gaps in its energy policy.