Pension funds urge Barclays to stop lending to fossil fuel firms
Barclays is being urged to stop offering loans to fossil fuel companies as part of the first ever shareholder climate resolution aimed at a UK bank.
A group of 11 pension and investment funds managing more than £130bn worth of assets have filed a resolution calling for Barclays to set clear targets to phase out services to energy companies that fail to align with Paris climate goals.
That includes lending to specific fossil fuel projects or for companies themselves, which include electricity and gas providers which fall foul of climate targets. The Paris agreement requires emissions to peak then fall rapidly to reach net-zero by 2050.