(Friday 1st August) Reacting to Barclays’ decision to leave the Net-Zero Banking Alliance (NZBA), the world’s largest climate alliance for banks, Jeanne Martin, Co-Director of Corporate Engagement at responsible investment NGO ShareAction, said:

"Barclays' decision to leave the NZBA is incredibly disappointing and a step in the wrong direction at a time when the dangers of climate change are rapidly mounting.

"The announcement comes just three days after Barclays published a transition update reiterating its commitment to be a net zero bank by 2050, sending mixed signals to governments and companies around the world.

"As the financial risks of global heating multiply and climate impacts like heatwaves, floods and extreme weather events become more intense and frequent, we cannot afford half-measures. Responsible investors will be watching closely and raising the pressure on the bank to protect long-term economic prosperity and the livelihoods of people everywhere."

Notes to editors

At Barclays' annual general meeting in May, shareholders called on the bank to set a funding target for the renewable energy sector. Please see here for more information.