One of the biggest global financiers of fossil fuel projects has announced that it wants to become a net zero carbon company by 2050, in the latest sign that the move to a low-carbon economy is well under way.
The resolution, by U.K.-based Barclays, says the bank has an “ambition” to become a “net-zero bank” by mid-century, and follows intense pressure from shareholders. In January, 11 large institutional shareholders filed another, stricter resolution demanding that the bank phase out lending to energy companies, gas and electric utilities that are not aligned with the Paris climate agreement, which aims to keep average global temperature rise to “well below 2C above pre-industrial levels”. Read Full Article - Forbes, April 10, 2020