
Barclays Exits UN-backed Net-Zero Banking Alliance as Global Membership Thins
By Mintesinot Nigussie
Published on 08/04/25
Barclays, a British multinational bank, has withdrawn from the Net-Zero Banking Alliance (NZBA), the United Nations-backed coalition that seeks to align financial institutions’ portfolios with global climate targets, citing a collapse in participation among major lenders.
The British multinational joins a growing list of high-profile departures, including HSBC, all major U.S. and Canadian banks, and several institutions from Japan and Australia. The exodus has raised doubts over the viability of coordinated climate finance and its implications for emerging markets, particularly in Africa, where access to sustainable funding remains limited.
The NZBA, launched to guide banks toward net-zero emissions commitments, has been under strain since early 2025, when U.S. lenders including JPMorgan Chase, Citigroup, Bank of America, Morgan Stanley, and Goldman Sachs quit following Donald Trump’s return to the White House.
Barclays said the alliance no longer has the membership base to support its transition plans. “With the departure of most of the global banks, the organization no longer has the membership to support our transition,” the bank stated.
Despite the move, Barclays reaffirmed its own target to reach net-zero emissions by 2050 and pledged to mobilise $1 trillion in sustainable and transition finance by 2030. It reported £500 million (US$660 million) in earnings from green and transition finance in 2024 and has deployed $220 billion toward its long-term goal.