Pension schemes urged to set net-zero targets ahead of COP26
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Ikea and BrewDog among backers of new green pensions commitment
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Barclays shareholders reject resolution on fossil fuel phase-out
Despite continued campaigning from non-profits, activists and investors, Barclays shareholders have rejected a proposal that would require the bank to reduce fossil fuel finance on climate grounds.
Green groups are concerned that Barclays investors are potentially less engaged with climate issues than they were last year
The resolution was filed in February and, if passed, would require Barclays to align its energy financing with the Paris Agreement’s trajectories using a divestment-based approach.
Barclays has notably been dubbed Europe’s largest fossil fuel banker in terms of investment by some groups, including Market Forces. Bloomberg has estimated that, since the Paris Agreement was ratified in 2015, the bank has arranged $95.7bn of bonds and loans for oil, gas, coal and nuclear power.