Overview

• Barclays became the second U.K. bank to leave the Net Zero Banking Alliance, citing insufficient membership to support its transition.
• HSBC quit the alliance in July and major U.S. banks exited earlier this year following President Trump’s rollback of ESG policies.
• The lender reaffirmed its commitment to a net-zero-by-2050 target and aims to mobilize $1 trillion in sustainable and transition finance by 2030.
• Campaigners including ShareAction warned that departures send mixed signals and weaken coordinated efforts to cut emissions.
• U.K. regulators shelved planned DEI regulations in March, reflecting a broader retreat from ESG mandates in financial oversight.