(Wednesday 7th May) Reacting to the investor backed statements being read at the annual general meetings (AGMs) of Barclays bank and Standard Chartered this week, Kelly Shields, Senior Campaign Manager said:
“The security and resilience of our energy system as well as the stability of our climate are hinging on the action we now take to develop the renewable power industry in Britain and abroad.
“Banks have taken positive steps forward in setting set broad targets around sustainable finance. However, they are not yet providing a clear strategy on how they will specifically finance the sectors and technologies most needed for the clean energy transition and limiting the harshest effects of global heating.
“This is why investors are calling for Barclays to set a funding target for the renewable energy sector, and for Standard Chartered to publish a plan on how it will finance more renewable power in markets in the Global South, where the need for scaling up sustainable investment is urgent.”
ENDS
Notes to editors
This includes AEGON Investment Management, Aegon Asset Management UK, AkademikerPension, Australian Ethical, Axiom Alternative Investments, Bank J. Safra Sarasin, Barrow Cadbury Trust, Border to Coast Pension Partnership, Brunel Pension Partnership, Church of England Pensions Board, EdenTree Investment Management, Epworth Investment Management, EQ Investors, Ethos Engagement Pool International, Ethos Engagement Services Clients, Ethos Foundation, Folksam, Friends Provident Foundation, Greater Manchester Pension Fund, Ircantec, Jesuits in Britain, LAPFF, Merseyside Pension Fund, Nest Corporation, P+ Pension for Academics, P1 Investment Services Ltd, Rathbones Group, Smart Pension, Sparinvest, Trinity College Cambridge.
Professor Ralf Toumi, Co-Director of the Grantham Institute, will also attend the AGM to challenge Barclays on the loophole in its energy policy, alongside a fuel poverty campaigner who will call for the bank to help finance cleaner, cheaper energy sources and infrastructure.
The investor statement being read at Standard Chartered on the 8th May in London is signed by 21 investors managing £863 million in assets, and includes AkademikerPension, Australian Ethical, Axiom Alternative Investments, Barrow Cadbury Trust, Border to Coast Pension Partnership, Church of England Pensions Board, EdenTree Investment Management, Epworth Investment Management, EQ Investors, Ethos Engagement Pool International, Ethos Engagement Services Clients, Ethos Foundation, Folksam, Greater Manchester Pension Fund, Ircantec, Jesuits in Britain, LAPFF, Merseyside Pension Fund, P1 Investment Services Ltd, Smart Pension.
