Royal Bank of Canada has followed Toronto-Dominion Bank and Bank of Montreal in leaving the banking industry’s largest climate-finance alliance.
Anabela Bonada, managing director of University of Waterloo Intact Centre, joins BNN Bloomberg to discuss wildfires and adapting to climate change.
With RBC’s exit, which it disclosed in a statement on Friday, all of Canada’s biggest banks have now left the Net-Zero Banking Alliance. Bank of Nova Scotia, Toronto-Dominion, BMO, Canadian Imperial Bank of Commerce and National Bank of Canada all announced their exits earlier this month. All the banks that have quit NZBA have insisted the decision won’t impact their pledge to decarbonizing their businesses. RBC Chief Executive Officer Dave McKay said in early January that pulling out of NZBA “doesn’t lead to a non-commitment to net zero or climate change.”
The Canadian withdrawal from NZBA follows a similar exodus in the US. Since the beginning of December, the NZBA has been abandoned by Goldman Sachs Group Inc., Morgan Stanley, Wells Fargo & Co., Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co.
Business Canada Company News Financials Government Industry North America Top News Unites States World Top World
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bank of Montreal and National Bank Withdraw From UN Climate Banking AllianceBank 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.
Read more »
RBC Builds First Bank-Wide Generative AI Platform in CanadaRoyal Bank of Canada (RBC) partners with Cohere Inc. to develop a customized generative AI platform for financial services, marking a first for Canadian banks. The platform, North for Banking, will empower employees to complete tasks, find information, and address customer needs more efficiently.
Read more »
JPMorgan Quits Climate Coalition Amid US Political PressureJPMorgan Chase announced its departure from the Net-Zero Banking Alliance, citing a commitment to 'pragmatic solutions' for low-carbon technologies. The move follows pressure from Republican politicians who questioned the alliance's legality.
Read more »
BlackRock quits climate group as Wall Street lowers environmental profileBlackRock said on Thursday it will leave the Net Zero Asset Managers Initiative, the latest Wall Street firm to leave an environmentally focused investor group under pressure from Republican politicians
Read more »
BMO quits global banking alliance aimed at meeting climate goalsDespite leaving the Net Zero Banking Alliance, bank says its commitment to climate targets and decarbonization remains
Read more »
Canadian Youth Climate Activists Achieve Legal Victories in Fight for Climate JusticeTwo recent legal victories for young Canadian climate activists highlight the growing momentum in the fight for climate justice. A landmark Federal Court case will proceed to trial in 2026, while a separate Ontario Court of Appeal ruling overturned a prior dismissal, bringing hope for systemic change.
Read more »