The deep divide in how major economies are approaching the energy transition risks forcing banks to choose between growth and climate finance, according to Barclays Plc.
“A complex and fragmented policy environment” characterized by “increasingly divergent approaches” among governments is making the energy transition more expensive and slowing the pace of decarbonization, Barclays Plc said in its annual report.
The upshot is that “financial institutions may need to choose between financing growth and maintaining the pace of reducing financed emissions,” it said.
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