British multinational financial institution Barclays has become the latest bank to withdraw from the Net Zero Banking Alliance (NZBA).
The move is a fresh blow for the UN-backed alliance, following HSBC’s exit last month and major Wall Street banks also withdrawing from NZBA earlier this year.
Barclays said it would remain committed to its sustainability targets, including its goal to become a net zero bank by 2050.
The bank states: “After consideration, we have decided to withdraw from the Net Zero Banking Alliance. With the departure of most of the global banks, the organisation no longer has the membership to support our transition.
“We are committed to our ambition to be a net zero bank by 2050. Our targets to mobilise $1 trillion [£0.75tn] of Sustainable and Transition Financing and for financed emissions remain unchanged. We continue to work with our clients on their transition, finance the transition and scale climate tech, while helping to ensure energy security for our customers and clients.
“This is an important commercial opportunity for Barclays; in 2024, we generated approximately half a billion pounds in revenues from sustainable and transition-related activity.”
HSBC also previously said its “approach to setting financed emissions targets will continue to be informed by the latest scientific evidence and credible industry-specific pathways”.
It added: “We continue to support customers in all sectors to make progress towards their individual decarbonisation plans, recognising that the transition to net zero is not linear or uniform across sectors, markets and regions.
“Our strategy is to provide our customers with pragmatic financing solutions that facilitate their progress and support long-term emissions reduction while advancing energy security and meeting the economic and industrial needs of today’s economy.”
