Canadian banks quit global climate coalition

Listen to article

TORONTO:

Four of Canada's biggest lenders said on Friday they were withdrawing from a global banking sector climate coalition, joining six major US banks.

The departures from the Net-Zero Banking Alliance began with Goldman Sachs' announcement on December 6 and come ahead of Donald Trump's return to the White House next week. Trump has been critical of efforts by governments to prescribe climate-change policies.

The four Canadian banks are TD Bank, Bank of Montreal, National Bank of Canada and Canadian Imperial Bank of Commerce. The Net-Zero Banking Alliance, a UN-sponsored initiative set up by former Bank of Canada Governor Mark Carney, was launched in 2021 to encourage financial institutions to limit the effects of climate change and push toward achieving net-zero emissions.

The Canadian banks said in separate statements that they were equipped to work outside the alliance and develop their climate strategies.