Barclays today published an update to its net zero ambition, first announced in March in response to ShareAction's shareholder resolution at the bank.
Responding to the update, ShareAction said:
“We are pleased to see Barclays reaffirm its plans to be a net zero bank by 2050 and take responsibility for its financed emissions by joining PCAF. We also welcome the publishing of a transparent methodology that covers Barclays’ capital markets activities.
However, banks, as the lifeblood of the economy, need to take a precautionary approach to tackling the climate crisis. This must entail phasing out support for companies that are clearly out of step with the Paris climate goals, especially coal and oil sands companies. Barclays’ energy policy fails to screen out companies with significant exposure to both of these sectors and presents a glaring hole in the company’s climate ambition.
Barclays should also start using a climate scenario that matches its ambition. Barclays uses the IEA’s Sustainable Development Scenario, which reaches net zero 20 years after Barclays hopes to do so.”
Notes to editors
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Read ShareAction's response to Barclays' net zero statement in March: Barclays announces ‘net zero’ ambition, must now address fossil fuel financing
ShareAction is a campaigning organisation pushing the global investment system to take responsibility for its impacts on people and planet, and use its power to create a green, fair, and healthy society.