Investors Urge Barclays to End Fossil-Fuel Financing
January 08 2020 - 5:45AM
Dow Jones News
By Dieter Holger
A coalition of investors co-filed a shareholder resolution at
Barclays PLC (BARC.LN) on Wednesday that urges the bank to end
financing for fossil-fuel companies contributing to climate
change.
The resolution calls on Barclays to set and disclose targets to
phase out financial services for energy companies that aren't
aligned with the Paris Agreement of limiting global warming to no
more than 2 degrees Celsius above pre-industrial levels. The
investor group also wants the bank to report on its progress
annually from 2021 onward.
Some of the largest investors behind the proposal include Brunel
Pension Partnership, LGPS Central, Sarasin & Partners and
Folksam Investors, which manage more than 130 billion pounds ($171
billion) combined.
U.K.-based non-profit ShareAction, which led the group of
investors, said they hope Barclays's board will support the
proposal at the bank's upcoming annual general meeting in early
May.
"If Barclays supports the Paris Agreement, it will support this
resolution," said Jeanne Martin, campaign manager at ShareAction,
in prepared remarks.
In response, Barclays spokesman Simon Hailes said the bank is
already "working to help tackle climate change, and we meet with
ShareAction and other shareholders regularly to update them on our
progress."
Barclays said that in 2018, it backed GBP27.3 billion worth of
green bonds and financing for renewables. It has also pledged to
use 90% renewable energy by 2025 and 100% by 2030.
Write to Dieter Holger at dieter.holger@wsj.com;
@dieterholger
(END) Dow Jones Newswires
January 08, 2020 05:30 ET (10:30 GMT)
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