The Barclays resolution will mark the first time a European bank has faced such shareholder action on fossil fuel financing. It calls on Barclays to go further than its previous public commitments to combat climate change by forcing it to set specific targets.
Carney is set to leave the BoE at the end of January to take up a position as the United Nations special envoy for climate action. He has previously warned that global warming could lead to a sharp reassessment of the value of every financial asset. “The lending practices of many banks pose a serious threat to the goals of the Paris agreement,” said Laura Chappell, Chief Executive of Brunel Pension Partnership.One of the bank’s 20 biggest shareholders told Reuters they could also back the proposals.