Oklahoma State Treasurer Todd Russ recently announced that Barclays would join the list of companies considered to boycott the fossil fuel industry. This decision, aimed at limiting the bank’s governmental business in the state, stems from Barclays’ public commitment to refrain from financing projects related to upstream oil and gas expansion. According to state law, Oklahoma agencies cannot contract with firms that boycott energy companies.

Barclays’ inclusion in the list, alongside other major financial institutions like BlackRock and JPMorgan Chase, has led to a decline in their public finance businesses in Oklahoma. Despite being a significant player in the municipal market, Barclays faces restrictions on contracting with state agencies due to its stance on fossil fuels. The treasurer’s office emphasized its commitment to safeguarding the state’s fossil fuel industries and ensuring that taxpayer funds and state pension funds are not used to undermine them.