Barclays withdrawal from the net zero banking alliance signals a troubling trend in the finance sector, reflecting a retreat from previous climate commitments. This alliance, part of the Glasgow Finance Alliance for Net Zero, was launched in 2021 to encourage adherence to the Paris agreement. The political climate has shifted, particularly after Donald Trump's election, leading to an environment where businesses feel empowered to abandon climate commitments. Following Barclays' exit, multiple banks, including HSBC and large U.S. institutions, have also withdrawn, indicating potential long-term consequences for climate action efforts.
The finance sector quietly surrenders its former climate commitments as Barclays pulls out of the net zero banking alliance, signaling a worrying shift away from climate action.
The Glasgow Finance Alliance for Net Zero (GFANZ), launched by Mark Carney, aimed to encourage banks and asset managers to work towards the Paris agreement goals.
The election of Donald Trump and his administrations have created an environment of impunity, allowing businesses to abandon their climate commitments without repercussions.
Barclays became the second British bank to exit the net zero alliance after HSBC, reflecting a broader trend of financial institutions retreating from climate initiatives.
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