At a time of great and appropriate concern over COVID-19, it is critical to remain vigilant about the long term climate crisis we also face. In spite of negative actions coming out of the US relative to car fuel efficiency, it is heartening to see that Barclays will now be targeting net zero carbon emission. As reported in the Financial Times, “Barclays’ board will put the 2050 carbon emissions “ambition” to a vote at its annual meeting on May 7.” One could (and should) take the view that 2050 is not a very ambitious target but shareholders and other Barclays stakeholders can now ask why it needs to take so long to achieve a commitment they have made. Undoubtedly some of the change comes in part from increased investor pressure including from BlackRock which is becoming more aggressive in this area. The path forward is challenging but it is great to see some small rays of sunshine.
