Barclays announced a new ambition to align its global financing with the Paris Climate Agreement by setting a net zero by 2050 target for its financed emissions. Investors had urged the company to reduce its massive carbon footprint in a shareholder resolution filed by a group of investors led by ShareAction, including As You Sow.

Danielle Fugere, President of As You Sow, had this to say about the announcement:

"Barclays' statement that it will align its financing with the net zero by 2050 Paris goal is critically important to helping ensure the world meets its climate goal. For the benefit of all, including shareholders, economic growth must decouple itself from carbon emissions - and that work must begin now. We are pleased to see Barclays show leadership at this particularly critical time of economic uncertainty. We look forward to further understanding how the bank intends to meet its new goal and to seeing progress in the near term, while looking ahead to 2050.

"This announcement from a European bank continues to highlight the gap of inaction by U.S. banks. JPMorgan Chase will face a similar shareholder resolution asking if and how the bank will align its lending with the Paris goals. Now is the time for JPMorgan and all other U.S. banks to step up and acknowledge their role in moving toward a Paris-aligned economy."

As You Sow | https://www.asyousow.org/