Barclays gives shareholders a ‘Say on Climate’
Giving shareholders an opportunity to vote on its climate strategy, targets and progress at the 2022 AGM
Last year we committed to give shareholders a ‘Say on Climate’ at the 2022 AGM. Today, we are delivering on that commitment, giving shareholders an opportunity to vote to endorse our climate strategy, targets and progress. These are set out in Barclays’ Climate Strategy, Targets and Progress 2022 (PDF 9.2MB), published today along with the Notice of Meeting (PDF 3.9MB).
Updating our approach
Today, we are announcing a number of important updates to our approach. These include:
- Setting 2030 targets, all of which integrate a 1.5°C-aligned scenario, to reduce our financed emissions across four of the highest-emitting sectors in our portfolio: Energy, Power, Cement and Steel. We plan to continue this work until we have set targets for material high-emitting sectors in our portfolio, which we aim to have completed by 2024, consistent with our commitments as a founding member of the Net-Zero Banking Alliance.
- Incorporating methane into our methodology for measuring greenhouse gas (GHG) emissions for Energy.
- Updating our restrictive policies, in particular setting final exit dates with respect to the financing of thermal coal mining and coal-fired power generation.
- Updating our targets to reduce our operational emissions.
- Aligning the remuneration of our Executive Directors with our climate commitments, as set out in our Directors’ Remuneration Report 2021.
More detail is set out in the document.
We must deliver on our climate strategy and continue to evolve it. It is not a simple task to address the climate challenge whilst also giving appropriate support to those companies which we believe are committed to the transition and respecting legitimate concerns about energy security, energy poverty and the just transition. We do hope that shareholders support the work that we have done so far, recognising that as always, there is more to be done.
Barclays Group Chairman
What is our Climate Strategy?
In March 2020, Barclays’ announced its ambition to be a net zero bank by 2050, becoming one of the first banks to do so.
We have a strategy to turn that ambition into action:
Over the coming years, our strategy will continue to evolve. It will need to adapt to reflect market, technological, regulatory and geopolitical developments affecting the shape and timing of the transition to a low-carbon economy. We respect legitimate concerns about energy security, energy poverty and the just transition. Nonetheless, our commitment to our climate strategy is unchanged and by next year we will be setting targets to cover more of the sectors we finance. We also anticipate recent events will accelerate the demand for investment in low-carbon energy infrastructure and capacity across the world and are determined to finance, on an even greater scale, the investment needed for transition.
More detail is set out in the document.
The drive to net zero will be one of the defining issues of our lifetime, with implications for each one of our customers and clients. We are still at an early stage of a long journey, but are committed to the destination and will persevere to reach it. As a large global financial intermediary, Barclays has an important role in helping channel resources into low-carbon technologies and infrastructure projects, and providing advice and support to customers and clients as they transition.
Barclays Group Chief Executive