P+ Presses Barclays for Greater Climate Transparency

Stockholm (NordSIP) – In a significant push for greater climate accountability within the financial sector, Danish pension fund P+, Pensionskassen for Akademikere, has stepped up its engagement with UK bank Barclays. At Barclays’ recent annual general meeting, P+ joined forces with a coalition of 31 institutional investors, led by ShareAction and representing more than $1.6 trillion in assets, to call for more transparency and ambition in the bank’s climate strategies.

The core demand from the investor group is for Barclays to disclose a scientifically grounded methodology detailing how its sustainable finance targets are calculated. Investors are also urging the bank to establish concrete goals for its financing and investment activities in key sectors, particularly renewable energy. These requests come amid growing concerns about the potential for greenwashing, where vague or unsubstantiated claims of sustainability may mislead stakeholders.

Christina Gordon Christiansen, Head of Responsible Investments at P+, emphasised the importance of these demands, noting that financial institutions play a pivotal role in driving the green transition. “We are specifically pressing Barclays to publish a science-based method that clearly outlines how they account for their sustainable finance goals,” she commented on LinkedIn.

P+ views its engagement with Barclays as part of a broader active ownership strategy. The pension fund has been in ongoing dialogue with the bank over recent years, urging it to adopt greater openness about its climate targets. According to Christiansen, such transparency is essential to ensuring that banks are held accountable for their environmental promises and that their actions align with global climate goals.

Barclays has made public commitments to facilitate $1 trillion in sustainable and transition financing by 2030 and to reach net-zero greenhouse gas emissions across its financing activities by 2050. However, critics argue that these overarching targets are insufficient without more granular, sector-specific disclosures. In particular, there is concern over the bank’s continued support for fossil fuel projects, which appears to conflict with its sustainability branding.

Barclays has responded to the investor engagement by expressing a willingness to continue the dialogue, a move P+ intends to follow up on vigorously. “Barclays opened the door to further conversation during the AGM, and we will hold them to that,” Christiansen also commented. “We are committed to holding the bank accountable for its climate commitments.”

Stockholm (NordSIP) – In a significant push for greater climate accountability within the financial sector, Danish pension fund P+, Pensionskassen for Akademikere, has stepped up its engagement with UK bank Barclays. At Barclays’ recent annual general meeting, P+ joined forces with a coalition of 31 institutional investors, led by ShareAction and representing more than $1.6 trillion in assets, to call for more transparency and ambition in the bank’s climate strategies.

The core demand from the investor group is for Barclays to disclose a scientifically grounded methodology detailing how its sustainable finance targets are calculated. Investors are also urging the bank to establish concrete goals for its financing and investment activities in key sectors, particularly renewable energy. These requests come amid growing concerns about the potential for greenwashing, where vague or unsubstantiated claims of sustainability may mislead stakeholders.

Christina Gordon Christiansen, Head of Responsible Investments at P+, emphasised the importance of these demands, noting that financial institutions play a pivotal role in driving the green transition. “We are specifically pressing Barclays to publish a science-based method that clearly outlines how they account for their sustainable finance goals,” she commented on LinkedIn.

P+ views its engagement with Barclays as part of a broader active ownership strategy. The pension fund has been in ongoing dialogue with the bank over recent years, urging it to adopt greater openness about its climate targets. According to Christiansen, such transparency is essential to ensuring that banks are held accountable for their environmental promises and that their actions align with global climate goals.

Barclays has made public commitments to facilitate $1 trillion in sustainable and transition financing by 2030 and to reach net-zero greenhouse gas emissions across its financing activities by 2050. However, critics argue that these overarching targets are insufficient without more granular, sector-specific disclosures. In particular, there is concern over the bank’s continued support for fossil fuel projects, which appears to conflict with its sustainability branding.

Barclays has responded to the investor engagement by expressing a willingness to continue the dialogue, a move P+ intends to follow up on vigorously. “Barclays opened the door to further conversation during the AGM, and we will hold them to that,” Christiansen also commented. “We are committed to holding the bank accountable for its climate commitments.”