Barclays Under Pressure To Cut Fossil Fuel Lending
Law360, London (January 8, 2020, 12:04 PM GMT) -- Barclays came under pressure Wednesday to stop offering loans to fossil fuel companies after a group of shareholders filed a landmark climate change resolution that will be voted on.
Some 11 pension and investment funds that collectively manage more than £130 billion ($170 billion) in assets filed a resolution to be voted on at Barclays PLC’s annual shareholders' meeting in May. The institutional investors are calling on the bank to set clear targets to phase out financing companies such as oil and gas giants that do not align themselves with the Paris climate agreement.
The 2015 Paris accord binds countries across...
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