We will support management's proposal to set an ambition for Barclays to be a net zero bank by 2050, to set a strategy for transitioning its provision of financial services to align with the goals and timelines of the Paris Agreement, and to report annually on the company's progress under this strategy.
We expect all companies in our portfolio to be transparent about their strategy for calculating, disclosing and reducing greenhouse gas emissions in their operations and value chain. As part of these efforts, companies should take into consideration a transition to a low-emissions economy consistent with a 2 degrees Celsius or lower scenario. The exact nature of implementation, such as the magnitude, frameworks and timelines for emissions reduction, should be determined by the board and management. Quantifying the greenhouse gas emissions of banks' financing operations is an area where methodologies are still being developed. As these methods become standardised and operationally practicable, we will expect banks to set time-bound, quantitative reduction targets for financed emissions.
We look forward to following the development of Barclays climate change strategy and commitments.
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