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Barclays Aims To Be Net Zero Bank By 2050; Stock Down

British banking major Barclays plc (BARC.L,BCS) Monday said it aims to become a net zero bank by 2050. The company said it commits to align all of its financing activities with the goals and timelines of the Paris Agreement.

Barclays published its 2019 Environmental, Social and Governance report which sets out a new climate policy for the bank.

The alignment of the bank's portfolio will start with the energy and power sectors, and will cover all sectors over time. The company will provide the transparent targets required to judge its progress and will report on them regularly, starting from 2021.

The company will ask shareholders to endorse this ambition and commitment through the passing of a resolution, which will be proposed at its forthcoming Annual General Meeting.

Barclays' Notice of AGM will be published on April 3.

In London, Barclays shares were trading at 92.62 pence, down 4.87 percent.

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