Company: BCS
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0000312069-25-000114
Chunk: 192

Company: BARCLAYS PLC
Filing Date: 2025-02-13
Form: 20-F
Chunk 192
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patrick, Brian Gilvary and C.S. Venkatakrishnan were each unable to attend one meeting. Dear Fellow Shareholders In 2024, the Barclays Group continued to make progress in supporting the transition to a low-carbon economy, delivering on the strategic pillars of our ambition to be a net zero bank by 2050 and supporting wider sustainability priorities. Climate change continues to be a critical and complex challenge and addressing it remains a priority for Barclays. The Committee has played a key role in assisting the Board and management, particularly as we consider how best to navigate increasing policy divergence and uncertainty. It has helped strengthen the Board&#8217;s understanding of the challenges around climate change and overseen the development of a wide range of tools as we improve our evaluation and support of our clients&#8217; transition plans, how we finance sustainable and transition opportunities and scale up new technologies. The Committee also maintained its focus on wider sustainability issues such as nature and human rights, including receiving externally-led training and overseeing the publication of the updated Barclays Human Rights Statement. Our approach to climate has continued to evolve and become more multifaceted than when we determined our first emissions targets in 2020. We will set out what we have learnt as part of a Transition Plan, which we intend to publish later this year, and in which we will also seek to incorporate our developing thinking on nature and social issues. While we continue to make progress towards our climate commitments, we recognise that we cannot fully realise the impact of those changes on our own and the Transition Plan will provide an opportunity to highlight our key dependencies on the path towards net zero and hopefully encourage broader support in tackling them. As an Executive member of the Committee, our Group Chief Executive, C.S. Venkatakrishnan, brings invaluable climate and sustainability insight to the Committee&#8217;s discussions, including the views of key external stakeholders. Through his past and current external roles, including as Chair of the Financial Services Task Force to the Sustainable Markets Initiative, he brings external perspectives on key climate and sustainability matters relevant to the Committee&#8217;s discussions. The Committee was pleased to see further progress across the three pillars of our climate strategy. We continued to track ahead of our target of 90% absolute reduction of our Scope 1 and 2 market- based emissions against a 2018 baseline &#8211; reducing these emissions by 95%. We also enhanced our visibility and understanding of our supply chain emissions data resulting from increased supplier engagements - unlocking new opportunities to decarbonise our