Barclays has become the second UK bank to quit the Net Zero Banking Alliance (NZBA). The NZBA is a global climate group formed in 2021 by the UN Environment Programme’s finance initiative and led by banks. In a statement published online on Friday, Barclays said it would withdraw, noting that the departure of most global banks had left the alliance unable to support its transition. HSBC had left the alliance earlier this month.

Barclays said it remains committed to its target of becoming net zero by 2050 and to cutting financed emissions. It also aims to mobilise USD 1 trillion in sustainable and transition financing (€920.0 billion). The bank added that it would continue to work with clients on their transition, finance the transition and scale climate technology, while helping to ensure energy security for customers and clients. In 2024, Barclays generated about £0.5 billion (€0.6 billion) in revenues from sustainable and transition-related activity.

ShareAction’s Jeanne Martin described the move as ‘incredibly disappointing’ and said it sends mixed signals to governments and companies. She said that as climate risks rise, investors would press Barclays to protect long-term prosperity and livelihoods. The piece notes a broader retreat from green commitments following the election of Donald Trump, with six large US banks leaving the NZBA. As of Friday afternoon, remaining UK members were Lloyds, NatWest, Standard Chartered and Nationwide. The NZBA said its members have made important progress, with more than 100 banks setting science-based targets for financed emissions and that the alliance remains focused on delivering the future vision endorsed by member banks.