Barclays to become “net zero bank” by 2050

Barclays

Barclays (LON:BARC) announced on Monday that it will aim to be a “net zero bank” by 2050.

Shares in the bank were down by over 4% during trading on Monday.

The bank has also committed to align all of its financing activities with the goals and timelines of the Paris Agreement.

“The alignment of Barclays’ portfolio will start with the energy and power sectors, and will cover all sectors over time,” the bank said in a statement.

“Barclays will provide the transparent targets required to judge its progress and will report on them regularly, starting from 2021,” it continued.

Many have been joining the fight against climate change as the climate crisis continues to grow.

Last year, the UK government became the first G7 nation to write into law a target for net zero emissions.

The bank joins a list of companies making similar pledges. Earlier this year, BP (LON:BP) announced its plans to become net carbon zero by 2050.

Meanwhile, International Airlines Group (LON:IAG) has also said it will commit to achieving net zero carbon emissions by 2050.

On Monday, Barclays said that its shareholders will be asked to endorse this commitment through the passing of a resolution that the bank will propose to shareholders at its AGM.

“In developing its approach, Barclays has engaged extensively with its shareholders, as well as with stakeholders from across society more broadly,” the bank said.

Shares in Barclays plc (LON:BARC) were down on Monday, trading at -4.21% as of 12:30 BST.