Barclays sets 'net zero' carbon goal by 2050

Bank said it would commit to aligning financing activities with the goals and timelines of the Paris Agreement on climate

                                

Barclays has set itself a goal to reach ‘net zero’ for its own carbon emissions and the activities it finances by 2050.

Investors are increasingly looking to banks to help speed up the transition to a low-carbon economy.

A group of investors plans to file a resolution at the British bank’s AGM calling on it to phase out lending to the fossil fuel sector, a move which has prompted Barclays to come up with its own resolution.

The bank said this would commit it to aligning its financing activities with the goals and timelines of the Paris Agreement on climate and provide targets to judge its progress and report on them regularly, starting next year.

Barclays said it would also continue to engage with ShareAction and other investors behind the target as it develops the strategy.

It did not disclose information on whether it recommended backing ShareAction’s resolution.

“A climate strategy cannot be considered complete without recognising that transition necessarily means phase-out when it comes to fossil fuels, particularly the highest carbon fuels where Barclays has significant exposure,” Wolfgang Kuhn, ShareAction’s director of finance sector strategies, commented.

NEST, which manages UK corporate pension scheme money, said it would also support both resolutions.

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