{"id":392563,"date":"2025-08-03T12:26:47","date_gmt":"2025-08-03T10:26:47","guid":{"rendered":"https:\/\/climatescience.press\/?p=392563"},"modified":"2025-08-03T12:27:11","modified_gmt":"2025-08-03T10:27:11","slug":"barclays-follows-hsbc-in-exit-from-banking-industrys-net-zero-alliance","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=392563","title":{"rendered":"Barclays follows HSBC in exit from banking industry\u2019s net zero\u00a0alliance"},"content":{"rendered":"\n
\"Illustration<\/figure>\n\n\n\n

<\/p>\n\n\n\n

From NOT A LOT OF PEOPLE KNOW THAT<\/a><\/p>\n\n\n\n

By Paul Homewood<\/p>\n\n\n\n

Another bank sees the light!<\/strong><\/p>\n\n\n\n

From the Guardian:<\/p>\n\n\n\n

\"Headline<\/figure>\n\n\n\n

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.<\/em><\/p>\n\n\n\n

It marks a fresh blow for the Net-Zero Banking Alliance (NZBA), after <\/em>HSBC left in early July.<\/em><\/a> It came months after a wave of exits by US banks, which departed in the run-up to Donald Trump\u2019s inauguration in January.<\/em><\/p>\n\n\n\n

Lenders and other finance firms have come under fresh pressure over their green commitments as a result of Trump\u2019s return to the White House, which caused a climate backlash as he <\/em>pushed for higher production of oil and gas<\/em><\/a>.<\/em><\/p>\n\n\n\n

The UN environment programme\u2019s finance initiative, which is led by banks, required members to ensure their lending, investment and capital markets activities would lead them to hitting net zero emissions targets by 2050 or earlier.<\/em><\/p>\n\n\n\n

However, Barclays said it was no longer effective, given it no longer counted some of the world\u2019s biggest lenders as members. The US lenders who cancelled their membership at the start of the year include JP Morgan, Citigroup, Bank of America, Morgan Stanley and Goldman Sachs.<\/em><\/p>\n\n\n\n

Barclays said in a statement on Friday afternoon: \u201cAfter consideration, we have decided to withdraw from the Net Zero <\/em>Banking<\/em><\/a> Alliance. With the departure of most of the global banks, the organisation no longer has the membership to support our transition.\u201d<\/em><\/p>\n\n\n\n

Full story here<\/a>.<\/p>\n\n\n\n

It\u2019s actually much simpler than the Guardian suggests<\/p>\n\n\n\n

At the outset, banks smelt the lure of bountiful subsidies for anything Net Zero related. One by one, they are now realising that they cannot make a profit out of the Net Zero scam without those subsidies, which could dry up any time, just as they are now in Trump\u2019s US.<\/em><\/strong><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

US banks have already pulled out of NZBA, the UN environment programme\u2019s finance initiative<\/p>\n","protected":false},"author":121246920,"featured_media":392567,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"Barclays exits the Net Zero Banking Alliance, joining HSBC in a shift away from green commitments amidst a changing financial landscape.","jetpack_seo_html_title":"Barclays Exits Net Zero Alliance: Implications for Banking","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691826864,691818923,691818154,691826789,691818299],"class_list":{"0":"post-392563","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","8":"tag-barclays","9":"tag-hsbc","10":"tag-net-zero","11":"tag-net-zero-banking-alliance-nzba","12":"tag-subsidies","14":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/08\/ChatGPT-Image-1.-Juni-2025-12_39_28.png?fit=1024%2C1024&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1E7F","jetpack-related-posts":[{"id":406931,"url":"https:\/\/climatescience.press\/?p=406931","url_meta":{"origin":392563,"position":0},"title":"Net-Zero Banking Alliance to Stop Operations After Member Exodus","author":"uwe.roland.gross","date":"07\/10\/2025","format":false,"excerpt":"Bye bye, good riddance. 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Since the Trump win, the bankers are running away suddenly from the United Nations \u201cNet-Zero Banking Alliance\u201d (NZBA) which is a sub-part of GFANZ (the Glasgow Financial Alliance for Net Zero) \u2014\u2026","rel":"","context":"In \"Bank of America Corp\"","block_context":{"text":"Bank of America Corp","link":"https:\/\/climatescience.press\/?tag=bank-of-america-corp"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/01\/02-GFL-Noticia-Social-EN-13.jpg?fit=1200%2C628&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/01\/02-GFL-Noticia-Social-EN-13.jpg?fit=1200%2C628&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/01\/02-GFL-Noticia-Social-EN-13.jpg?fit=1200%2C628&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/01\/02-GFL-Noticia-Social-EN-13.jpg?fit=1200%2C628&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/01\/02-GFL-Noticia-Social-EN-13.jpg?fit=1200%2C628&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":358305,"url":"https:\/\/climatescience.press\/?p=358305","url_meta":{"origin":392563,"position":3},"title":"Wells Fargo Exits Net-Zero Banking Alliance: A Pragmatic Rejection of the \u201cClimate Cartel\u201d","author":"uwe.roland.gross","date":"23\/12\/2024","format":false,"excerpt":"Wells Fargo\u2019s decision to leave the Net-Zero Banking Alliance (NZBA) is a stark reminder that not everyone in the financial sector is willing to unquestioningly follow the climate orthodoxy. 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