On Friday, in a statement Norway’s sovereign wealth fund stated, it will vote in favor of a resolution which will commit Barclays to tackle climate change at the bank’s annual general meeting on May 7.

The resolution calls on Barclays to be a “net zero” emissions bank by 2050.

The resolution essentially sets and aligns Barclays strategy for transitioning its provision of financial services with goals and timelines stated in the Paris Agreement; Barclays will also have to report annually on its progress.

Norway’s sovereign wealth fund has a 2.94% stake in Barclays which is worth $1.2 billion at the end of 2019.

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