Nest’s response to Barclays new energy policy

Barclays has announced a new energy policy to help manage the climate risk facing their business.

Full details can be found here: Barclays focuses capital and resources on supporting energy companies to decarbonise | Barclays (home.barclays)

Nest played a key role in engaging with Barclays, highlighting the need for an energy policy and providing feedback on early draft versions. The pension scheme also co-filed a shareholder resolution with ShareAction and other investors in December in relation to Barclays’ climate strategy, to encourage the bank to take this topic more seriously.

The dynamic between management and shareholders can be a very beneficial to companies. As long-term investors, Nest’s interest is looking ahead and promoting sustainable business decisions, so that the companies its invested in continue to thrive and help make money for its members. This energy policy from Barclays is a great example of what can happen when shareholders are listened to and constructively engaged with.

Commenting on the announcement from Barclays Katharina Lindmeier, Senior Responsible Investment Manager at Nest, said:

“We welcome this energy policy from Barclays. We appreciated the opportunity to provide feedback and help strengthen Barclays’ climate commitments and believe this is a strong step forward in managing the climate risk to their business. We do think Barclays can and should go further, such as strengthening its fracking policy, and look forward to continuing working with them over the coming years to help develop their policy.”