• 371 days Will The ECB Continue To Hike Rates?
  • 371 days Forbes: Aramco Remains Largest Company In The Middle East
  • 373 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 772 days Could Crypto Overtake Traditional Investment?
  • 777 days Americans Still Quitting Jobs At Record Pace
  • 779 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 782 days Is The Dollar Too Strong?
  • 783 days Big Tech Disappoints Investors on Earnings Calls
  • 783 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 785 days China Is Quietly Trying To Distance Itself From Russia
  • 785 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 789 days Crypto Investors Won Big In 2021
  • 790 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 790 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 793 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 793 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 796 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 797 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 797 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 799 days Are NFTs About To Take Over Gaming?
What Does Tesla's Million-Mile Battery Mean For Green Energy?

What Does Tesla's Million-Mile Battery Mean For Green Energy?

Tesla’s million-mile electric vehicle battery…

5 Things To Do With $1,000 Right Now

5 Things To Do With $1,000 Right Now

If you’ve got an extra…

  1. Home
  2. Investing
  3. Other

Shareholders Urge Major Bank To Stop Funding Fossil Fuel Companies

Fossil Fuel Funding

A group of Barclays shareholders has demanded that the banking major stop providing financing to oil and gas companies, and power utilities, whose business is not in tune with the climate change targets stipulated in the Paris Agreement.

According to a Business Green report, the shareholders, who collectively manage assets worth over $170 billion, along with 100 individual investors, will table a resolution on the topic at Barclays annual shareholder meeting in May.

The shareholder plan is coordinated by a group called ShareAction that seeks to make the investment system more responsible.

“Our movement demands reform in the ways large investors make decisions and account for them. This in turn helps to unlock more enlightened investor dialogue with underlying companies,” the group says on its website.

Regarding the resolution that the Barclays shareholder group plans to present at the bank’s AGM, ShareAction said it was the first one filed at a European bank that aims to tackle climate change. It will target all energy companies and cover areas including project financing,  corporate financing, and underwriting, Business Green reported.

Related: How Fractional Trading Is Democratizing the Stock Markets

"Aligning financial flows with the goal of keeping temperature increases well below 2C, and preferably to 1.5C, was hard-wired into the Paris Climate Agreement for good reason," said Natasha Landell-Mills from one of the institutional investors backing the resolution, Sarasin & Partners. "Continued financing of harmful fossil fuel activities puts this target at risk, with potentially devastating consequences for us all. And yet, this is precisely what is happening today, and Barclays is amongst the most prolific bank financiers globally of such activities."

Not all banks are waiting for shareholder action, however. Goldman Sachs last month announced a commitment of $750 billion for sustainable projects, to be distributed over the next ten years. The bank also said it will curb its investments in the fossil fuel industry, cutting off all future investment in Arctic oil exploration and production.

By Irina Slav for Oilprice.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment