A Royal Bank of Canada sign is shown in the financial district in Toronto on Tuesday, August 22, 2017. The Royal Bank has been added to the Financial Stability Board's global systemically important banks.
Four of Canada's biggest banks have left the UN-backed Net-Zero Banking Alliance, an initiative led by former Bank of Canada governor and now contender for Liberal leader Mark Carney that aims to accelerate climate action among financial institutions.The Canadian PressFour Canadian banks have joined several U.S.
Financial institutions are pulling back following sustained criticism from U.S. Republicans on various climate alliances and the very concept of factoring environmental risks into their business operations. "We have robust internal capabilities to implement relevant international standards, supporting our climate strategy and meeting regulatory requirements," he said.National Bank said it left the alliance as it streamlines how it reports on its plans and progress. It said it would have a pragmatic approach and work with companies in all sectors to decarbonize.
"Having made significant progress alongside our clients in these areas, we are now well-positioned to further this work outside of the formal structure of the NZBA," said CIBC spokesperson Tom Wallis.Why big banks are backing out of climate initiatives
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