TORONTO — Scotiabank is the latest major Canadian bank to withdraw from the Net-Zero Banking Alliance.
The bank joins BMO, National Bank, TD Bank Group and CIBC in leaving the alliance.
The Canadian banks started withdrawing not long after the six largest banks in the U.S. did the same as the presidential inauguration of Donald Trump loomed.
The UN-backed initiative aims to accelerate climate action among financial institutions.
A Scotiabank spokesperson said the bank is still committed to delivering its own climate transition plan, and remains committed to meeting the requirements of regulators around the globe.
A spokesperson for RBC said the bank has nothing to add beyond comments made by CEO Dave McKay earlier this month, when he said the alliance was in flux and questioned whether it was the right mechanism to reduce emissions. The bank is still listed as a member on the alliance's website.
This report by The Canadian Press was first published Jan. 20, 2025.
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