Feb 22, 2020
UK’s top pension scheme tackles Barclays on climate change
Nest, the UK's largest pension fund with 8.5m members, has called on Barclays to present a "Clear and robust plan" to phase out financing some fossil fuel companies as the bank faces growing pressure over its role in global warming. The UK state-backed retirement scheme said it would support a landmark climate change resolution that will go to a vote at Barclays' annual meeting in May. The proposal, which was filed by 11 shareholders with a combined £130bn in assets, asked the bank to stop financing energy companies that are not aligned with the Paris Agreement to tackle global temperature rises. Diandra Soobiah, Nest's head of responsible investment, said Barclays needed to act because of the "Very real" risks from climate change. "Jeanne Martin, campaign manager at ShareAction, said:"There's clearly a tide of support swelling among the investor community for Barclays to tighten its energy policy and align its fossil fuel financing with the Paris climate goals. Adam Matthews, directors of ethics and engagement at the Church of England Pensions Board, said the resolution at Barclays was the latest sign that investor attention on the issue of climate change was shifting to the finance sector.
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