Shareholders Call On Barclays To Stop Backing Some Fossil Fuel Firms

(Alliance News) - Barclays PLC is to face calls from shareholders at its annual general meeting ...

Alliance News 8 January, 2020 | 6:58AM
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(Alliance News) - Barclays PLC is to face calls from shareholders at its annual general meeting to phase out its financing of fossil fuel firms that are not aligned with the Paris climate agreement, a London-based environmental charity said on Wednesday.

A group of 11 institutional investors in the bank, managing over GBP130 billion, alongside 100 individual shareholders, backed by charity ShareAction, have filed a resolution which will be voted on at Barclays's annual general meeting in May.

The charity said: "Today a group of shareholders, coordinated by ShareAction, have taken formal action at Barclays, asking the bank to phase out its financing of fossil fuel companies that are active agents in driving the climate crisis."

The 11 institutional investors include Brunel Pension Partnership, a UK pension fund, and Sarasin & Partners LLP an asset manager with more than GBP132 billion of assets under management.

Since the 2015 Paris Agreement was signed, Barclays has provided in excess of USD85 billion of funds to fossil fuel companies, making it sixth-largest backer in sector globally, ShareAction said.

"This landmark resolution – the first climate change resolution filed at a European bank – requests that Barclays publishes a plan to gradually stop the provision of financial services (including project finance, corporate finance, and underwriting) to companies in the energy sector, and to gas and electric utilities that are not aligned with the goals of the Paris climate agreement," the pressure group said.

"The resolution is the first in a series of actions in 2020, which will put financial services to the test on climate change in the run up to the UK-hosted COP26 climate talks."

COP26, the 2020 United Nations Climate Change Conference, takes place in Glasgow, Scotland, in November.

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Barclays PLC 95.75 GBX 4.59

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