US EditionBarclays latest British lender to quit climate banking alliance
GREATER LONDON, ENGLAND, AUG 1 – Barclays cited weakened alliance membership after major global banks left but reaffirmed its net zero by 2050 target and $1 trillion sustainable finance goal by 2030.
- On Friday, Barclays announced it would withdraw from the Net Zero Banking Alliance, becoming the second British bank to leave after HSBC earlier this month.
- Following a wave of withdrawals, the NZBA lost key membership, as Barclays cited the departure of most global banks, including six major US banks, as its reason for leaving.
- Earlier this week, Barclays reaffirmed its commitment to net zero by 2050 and to mobilise $1 trillion in sustainable and transition finance, despite exiting the Net Zero Banking Alliance.
- Following Barclays’s withdrawal, ShareAction called the decision 'incredibly disappointing' and a step in the wrong direction, according to Jeanne Martin, co-Director of ShareAction.
- Critics warn Barclays’s exit undermines the NZBA’s influence, as it still comprises 126 banks across 44 nations with over 100 setting science-based targets.
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Barclays latest British lender to quit climate banking alliance
Barclays has become the latest British lender to quit the Net Zero Banking Alliance, the bank said on Friday, arguing that the departure of several global lenders has left it no longer fit to support the bank's green transition.
·United Kingdom
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Coverage Details
Total News Sources17
Leaning Left3Leaning Right3Center3Last UpdatedBias Distribution33% Left, 33% Center, 33% Right
Bias Distribution
- 33% of the sources lean Left, 33% of the sources are Center, 33% of the sources lean Right
33% Right
L 33%
C 33%
R 33%
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