Barclays exits net-zero banking alliance

The bank is exiting The Net-Zero Banking Alliance (NZBA), a global initiative supporting banks working on enacting the Paris Agreement.

Barclays released a statement saying, ‘After consideration, we have decided to withdraw from the NZBA. With the departure of most of the global banks, the organisation no longer has the membership to support our transition’. They arer still committed to be a net-zero bank by 2050.

The NZBA is part of the UN Environment Programme and launched on 21 April 2021 at the US Leaders Summit on Climate, with 43 member banks.

Earlier this year members voted in favour of adopting a wider range of net-zero pathways that align with the temperature goals of the Paris Agreement.