Barclays PLC has announced its decision to withdraw from the Net Zero Banking Alliance. The bank stated that, following the exit of most global banks from the group, the organization no longer has enough members to support Barclays’ transition efforts.
Despite leaving the alliance, Barclays said it remains committed to reaching net zero emissions by 2050. The bank’s goals include mobilizing $1 trillion in sustainable and transition financing, with existing targets for financed emissions unchanged. Barclays emphasized ongoing collaboration with clients on their own transitions, supporting climate technology growth, and maintaining energy security for customers.
Barclays described this work as a significant commercial opportunity. In 2024, the bank reported generating about half a billion pounds in revenues from activities related to sustainability and transition.
"We are committed to our ambition to be a net zero bank by 2050. Our targets to mobilise $1trillion of Sustainable and Transition Financing and for financed emissions remain unchanged. We continue to work with our clients on their transition, finance the transition and scale climate tech, while helping to ensure energy security for our customers and clients," according to a statement from Barclays.
"This is an important commercial opportunity for Barclays; in 2024, we generated approximately half a billion pounds in revenues from sustainable and transition-related activity," the statement added.