Barclays, HSBC Leave Net Zero Banking Alliance

Barclays has withdrawn from the UN-backed Net Zero Banking Alliance (NZBA), following HSBC and several major US banks, citing a wave of exits that has undermined the alliance's effectiveness. The NZBA, established to guide banks toward net zero emissions by 2050, has experienced significant membership losses amid political pushback, especially after Donald Trump's return to the White House and criticism from US Republicans who denounce climate commitments as 'woke' capitalism. Despite leaving the alliance, Barclays has reaffirmed its commitment to net zero by 2050 and aims to mobilize $1 trillion in sustainable and transition financing by 2030. The departure has drawn criticism from both environmental groups and industry leaders like Standard Chartered's CEO, who denounced the retreat from climate goals. In response, the NZBA has stated it will continue to support its remaining members in advancing the net zero transition. The recent string of withdrawals has raised concerns over the alliance's ongoing influence in driving climate action within the financial industry.