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* Bank to offer advisory vote on climate policy
* Activists say bank not moving fast enough on fossil fuels
* Barclays to expand commercial bank business in U.S.,
Europe
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By Lawrence White and Iain Withers
LONDON, May 5 (Reuters) - Barclays will offer
investors an advisory vote on its climate policy at next year's
annual shareholder meeting, the bank's chairman said, after
pressure from investors and activists to become greener.
The new commitment from Barclays comes as banks worldwide
are under increasing pressure from shareholders, activists and
the public to cut fossil fuel financing and do more to combat
climate change.
The vote will offer investors a say on whether the bank is
delivering on its climate policy promises, Barclays said.
Chairman Nigel Higgins said the bank would devise additional
climate targets in consultation with shareholders.
"It would be extraordinarily foolish if we were just about
words, because the data will reveal if we back up our promises
with action," Higgins said at Barclays' webcast annual
shareholder meeting on Wednesday.
Barclays in March last year set itself a target to reach
"net zero" for its own carbon emissions and the activities it
finances by 2050.
Despite these commitments, climate activists have said the
bank is not moving fast enough and requisitioned a motion at
Wednesday's shareholder meeting pushing the bank do more.
Barclays has advised shareholders to vote against the motion.
"We agree on the nature of the climate challenge," Higgins
told investors in response to a question from a representative
of Market Forces, the activist group behind the resolution.
"We do believe in action and not just words. We hope when
people look at the detail they'll see a lot of action."
Higgins said over half of the bank's clients in the power
sector had net zero promises, which he said showed dialogue with
customers was working.
Barclays is the largest financier of fossil fuels in Europe
and seventh biggest globally, based on an updated report
published this year by U.S. pressure group Rainforest Action
Network.
Barclays said in comments published ahead of the shareholder
meeting that the Rainforest Action Network report focuses on
activity over the last five years, before the bank changed its
policy.
Last month, police arrested seven people outside the bank's
London headquarters after activists broke windows to protest
against the role of the financial sector in climate change.
A climate change motion put forward by investor group
ShareAction was defeated at last year's AGM but won 24% of votes
cast.
Barclays will also expand its commercial banking business in
Europe and the United States, Chief Executive Jes Staley said at
Wednesday's annual meeting.
"In doing so, we will help companies around the world manage
their core financial needs, from liquidity management, to
payments processing, to trade finance," Staley said.
(Reporting by Lawrence White and Iain Withers, editing by
Louise Heavens and Jane Merriman)
