Barclays Climate Ambition to be a Net Zero bank by 2050
Barclays has also committed to engage with shareholders in the coming months to develop its strategy and targets.
Shareholders will be asked to endorse Barclays ambition and commitment by passing a resolution proposed by the Board at the next AGM on 7th May.
The Barclays resolution has emerged after a small group of investors, including Falkirk Council, agreed to co-sponsor a resolution at the AGM. This original resolution, co-ordinated by ShareAction, calls on Barclays to commit to phasing out the financing of fossil fuel companies.
Whilst commending Barclays for taking cognisance of shareholder views in formulating its own resolution, it is intended that the original resolution will still be put to the AGM by the co-sponsors as its content – in seeking a commitment from Barclays to phase out its support of fossil fuel companies - is seen as the best way to ensure the Board makes meaningful and immediate progress on its new commitments.