Two major UK institutions have confirmed they will support two shareholder proposals calling on Barclays to align its provision of finance with the goals of the Paris Agreement.

M&G Investments and EOS (Federated Hermes) have said they will support the shareholder-led resolution, filed in January by ShareAction and institutional investors, calling on Barclays to set targets to phase out its provision of financial services to fossil fuels and utility companies that are not aligned with the Paris climate goals. They will also support the resolution announced in response by the Barclays board, which would commit the bank to set an ambition to become a net-zero bank by 2050.

Jupiter Asset Management, Amundi, Nest, Church of England Pensions Board, and EdenTree have also publicly stated they will back the shareholder-led resolution.

Ben Constable-Maxwell, Head of sustainable and impact investing, M&G Investments, says: “The banking sector’s lending activities have the potential to accelerate or mitigate the risks of climate change. Current events highlight that now more than ever it is important that corporate boards focus on managing risks and building resilience for the future.”

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