3rd Mar 2020 06:58
(Alliance News) - Barclays PLC is to face additional calls from shareholders at its annual general meeting in May to phase out its financing of fossil fuel firms that are not aligned with the Paris climate agreement, London-based environmental activist group ShareAction said on Tuesday.
Jupiter Asset Management has joined a group of 11 institutional investors in the bank, managing over GBP130 billion, alongside 100 individual shareholders, calling on Barclays to curb its financial provision of some fossil fuels, according to ShareAction.
Jupiter has a 1.2% stake in Barclays, ShareAction said.
"This month, Amundi SA, Europe's largest asset manager, and Nest, the largest UK pension fund by members, also said they would back the resolution at the AGM on May 7. They join EdenTree, the Church Commissioners, and the Church of England Pensions Board, in asking Barclays to set a transition plan for its lending and underwriting that is aligned with the goals of the Paris Agreement," ShareAction noted.
Since the 2015 Paris Agreement was signed, Barclays has provided in excess of USD85 billion of funds to fossil fuel companies, making it one of their largest backers in sector globally, ShareAction claimed.
ShareAction Campaign Manager Jeanne Martin said: "Barclays' top shareholders are becoming increasingly dissatisfied with the company's close ties with the fossil fuel industry in times of raging wildfires, sweeping heatwaves and catastrophic floods. We urge Barclays to listen to its shareholders and commit to phasing out support for the fossil fuel industry and utilities that are not aligned with the Paris climate goals. A good first step for the bank would be to stop pouring millions into the coal and tar sands industries, two of the most carbon-intensive sources of energy on earth."
Shares in the company closed 3.7% lower at 143.30 pence each in London on Monday.
On Monday, activist investor Edward Bramson once again took aim at the Barclays board over an unconnected issue, terming the bank's decision to renominate Chief Executive Jes Staley amid his ties to Jeffrey Epstein as "extremely ill-advised".
The Barclays board has previously unanimously recommended Staley for re-election at the bank's annual general meeting, having been judged to have been "sufficiently transparent" about the nature of his relationship with Jeffrey Epstein.
By Eric Cunha; [email protected]
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