Bank of Montreal (BMO) and National Bank have left the UN-backed Net-Zero Banking Alliance, joining a growing number of financial institutions pulling back from climate initiatives amid criticism from U.S. Republicans. The departures follow similar moves by major U.S. banks and other financial players, including BlackRock, sparking concerns about the effectiveness of international efforts to address climate change.
TORONTO — Bank of Montreal and National Bank have withdrawn from the UN-backed Net-Zero Banking Alliance that aims to accelerate climate action among financial institutions.
On Friday, the U.S. Federal Reserve Board said it had withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System. "We are fully committed to our climate strategy and supporting our clients as their lead partner in the transition to a net zero world," said spokesman Jeff Roman in a statement.
At the same conference, RBC chief executive Dave McKay said the alliance was in flux and questioned whether it was the right mechanism to reduce emissions."We will continue to have a pragmatic approach and work with companies across all sectors, including large emitters and renewable energy providers, to promote impactful decarbonization strategies," said spokesman Alexandre Guay in a statement.
CLIMATE CHANGE BANKING FINANCIAL INSTITUTIONS NET-ZERO BANKING ALLIANCE CANADA
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