Barclays follows HSBC in exit from banking industry’s net zero alliance
by Kalyeena Makortoff Banking correspondent from on (#6Z1W5)
US banks have already pulled out of NZBA, the UN environment programme's finance initiative
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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