Major banks are likely to decline the UK Treasury's invitation to finance the oil and gas sector, amidst concerns about the country's investment environment and ESG pressures.
The Treasury's efforts to attract lenders to the North Sea are facing resistance, with many major banks avoiding domestic fossil fuel investments.
The Treasury has invited some of the world’s major banks to a meeting this Friday including multiple lenders, including British lenders such as Barclays, Nat West and Lloyds, alongside European banks such as BNP Paribas, Deutsche Bank, DNB, ING and Societe Generale and US financial institution Wells Fargo.
However, the government’s decision to toughen the windfall tax last year so that it is a six-year policy has weakened investor confidence in the North Sea, Meanwhile, recently unveiled plans to consult on the tax regime with the industry will not include the windfall tax.
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