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The Guardian - UK
The Guardian - UK
Business
Kalyeena Makortoff Banking correspondent

Barclays follows HSBC in exit from banking industry’s net zero alliance

The headquarters of Barclays bank in Canary Wharf in London
Barclays said the Net-Zero Banking Alliance ‘no longer has the membership to support our transition’. Photograph: Tal Cohen/EPA

Barclays has become the second UK bank to withdraw from a UN-backed net zero target-setting group, claiming that a wave of defections by international lenders meant it was no longer fit for purpose.

It marks a fresh blow for the Net-Zero Banking Alliance (NZBA), after HSBC left in early July. It came months after a wave of exits by US banks, which departed in the run-up to Donald Trump’s inauguration in January.

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