Canada’s four largest banks have announced their withdrawal from the banking sector’s global climate coalition, joining six leading US banks. About this informs Reuters.
These are TD Bank, Bank of Montreal, National Bank of Canada and Canadian Imperial Bank of Commerce, which decided to leave the climate alliance “Net-Zero Banking Alliance”. Their exit began after a similar decision by Goldman Sachs, which was announced on December 6. In their statements, Canadian banks said they plan to work on developing their own climate strategies outside of the alliance.
The Net-Zero Banking Alliance is a UN initiative launched in 2021 by former Bank of Canada Governor Mark Carney. Its goal was to involve financial institutions in combating the consequences of climate change and achieving zero emissions.
Other major banks have recently left the alliance, including Wells Fargo, Citi, Bank of America, Morgan Stanley and JPMorgan.
