Barclays follows HSBC in exit from banking industry’s net zero alliance
US banks have already pulled out of NZBA, the UN environment programme’s finance initiative
Kalyeena Makortoff Banking correspondent
Fri 1 Aug 2025 11.30 EDT
Barclays has become the second UK bank to withdraw from a UN-backed net zero target-setting group, claiming that a wave of defections by international lenders meant it was no longer fit for purpose.
It marks a fresh blow for the Net-Zero Banking Alliance (NZBA), after HSBC left in early July. It came months after a wave of exits by US banks, which departed in the run-up to Donald Trump’s inauguration in January.
Lenders and other finance firms have come under fresh pressure over their green commitments as a result of Trump’s return to the White House, which caused a climate backlash as he pushed for higher production of oil and gas.
The UN environment programme’s finance initiative, which is led by banks, required members to ensure their lending, investment and capital markets activities would lead them to hitting net zero emissions targets by 2050 or earlier.
https://www.theguardian.com/business/2025/aug/01/barclays-hsbc-exit-net-zero-banking-alliance
