Four major Canadian banks—BMO, National Bank, TD Bank Group, and CIBC—have exited the United Nations-backed Net Zero Banking Alliance, which aims to promote climate action among financial institutions. This move follows the withdrawal of several large U.S. banks amid criticism from the Republican Party regarding climate change policies. Although the banks did not cite U.S. issues, they emphasized their commitment to climate strategies independent of the alliance. BMO stated it would continue its climate efforts with strong internal capabilities. National Bank mentioned streamlining its planning process, while TD expressed confidence in driving client strategies. CIBC noted its progress enables it to operate outside the formal structure of the alliance. Greenpeace criticized the withdrawals, arguing for governmental regulation to redirect funds toward environmental sustainability. The context reflects a broader skepticism about climate alliances in the banking sector.
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Canadian Banks Pull Out of Mark Carney’s Climate Initiative
