Barclays bank has set a goal of becoming a ‘net zero bank’ in terms of its own carbon emissions and the activities it finances by 2050, the lender said on Monday.
The British bank said it would provide targets to judge its progress and report on them regularly, starting in 2021.
Barclays had faced criticism from investors ahead of its annual general meeting in May for having a weaker climate policy than some rivals.
Responsible investment lobby group ShareAction tabled a resolution ahead of the meeting aimed at cutting its lending to the fossil fuel industry.
Barclays said on Monday that it would table a resolution on its new climate policy and expected ShareAction and other investors behind its motion to back the board’s resolution.