Barclays Leaves Alliance of Banks with Zero Emissions

• Barclays has exited the Alliance of Banks with zero emissions after HSBC.
• The departure of major U.S. banks fueled Barclays' exit.
• The bank reaffirmed its goal of achieving net-zero emissions by 2050.

Barclays became the second bank in Great Britain to leave the Alliance of Banks with zero emissions (NZBA), which is supported by the UN. In its statement, the bank noted that the exit of many international lenders has made the organization ineffective.

Earlier, in July, HSBC also left the alliance, which became a blow to international efforts to combat climate change. It is noted that several major U.S. banks, such as JP Morgan, Citigroup, and Goldman Sachs, exited the alliance at the beginning of the year, which also fueled Barclays' departure.

According to NZBA requirements, members were supposed to ensure that their lending, investment, and capital market activities contributed to achieving net-zero emissions by 2050 or earlier. However, Barclays believes that at the moment, the departure of many large banks means that the organization no longer has the necessary support.

In its statement, Barclays confirmed that it continues to strive to be a bank with net-zero emissions by 2050 and mobilize $1 trillion for financing sustainable development. The bank also stated that in 2024 it expects to receive approximately half a billion dollars from activities related to sustainable development.

Critics of Barclays' decision, such as Joanna Martin from ShareAction, believe that this step is disappointing and negatively impacts the efforts to combat climate change, especially in the context of increasing risks associated with global warming.

Tags: Ecology