BCS: Barclays Exits Net-Zero Pact — While $19.5M Securities Settlement Lingers

Court: S.D. New York

Case: 1:22-cv-08172

Barclays PLC BCS has withdrawn from the UN’s Net Zero Banking Alliance, following a mass exit by major Wall Street institutions and HSBC. Despite reaffirming its climate commitments, Barclays cites the alliance’s dwindling membership as reason for departure—signaling a growing retreat from formal climate frameworks among global banks.

Key Highlights

• Barclays joins Goldman Sachs, JPMorgan, Bank of America, and others in exiting the NZBA
• HSBC was the first European bank to withdraw in July
• Membership dropped from 144 to 126 banks in under a year
• Barclays claims the alliance “no longer has the membership to support our transition”
• Standard Chartered’s CEO condemned exits, calling them performative and politically driven
• NZBA has relaxed its 1.5°C alignment requirement as part of a strategic pivot

Timeline Overview

Barclays faced investor litigation over the over-issuance of securities in violation of disclosure rules

The bank ultimately agreed to a cash settlement of $19.5 million.

Allegations Include

• Issuing securities beyond the limit approved by regulators
• Inadequate internal controls and failure to disclose over-issuances in a timely manner

Investor Update

The case is now accepting late claims as part of the settlement resolution. While Barclays pivots away from the climate alliance, it continues to resolve legacy regulatory issues with financial consequences for investors.

You can check more information about it and file for a payout HERE.