Barclays Joins Net-Zero Banking Alliance Exodus
The Net-Zero Banking Alliance’s membership continues to shrink with the latest departure of UK-based Barclays.
Barclays has become the latest lender to withdraw from the Net-Zero Banking Alliance (NZBA), according to a statement. It joins rivals from all over the world, including the US, UK, Japan and Australia, in shedding their membership.
«With the departure of most of the global banks, the organization no longer has the membership to support our transition,» the bank said.
Continued Commitment to Sustainability
Despite its exit, Barclays said it remains committed to becoming a net-zero bank by 2050, noting that sustainability is an «important commercial opportunity» with related activity generating approximately 500 million British pounds ($664 million) for the London-headquartered lender in 2024.
«Our targets to mobilize $1 trillion 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,» the bank added.
