Top Canadian banks quit global climate coalition ahead of Trump inauguration

Nivedita Balu - Reuters - 18/01
Four of Canada's biggest lenders said on Friday they were withdrawing from a global banking sector climate coalition, joining six major U.S. banks.
  • Bank of Montreal
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  • Bank of America Corp
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  • Canadian Imperial Bank of Commerce
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TORONTO, Jan 17 (Reuters) - Four of Canada's biggest lenders said on Friday they were withdrawing from a global banking sector climate coalition, joining six major U.S. banks.
The departures from the Net-Zero Banking Alliance began with Goldman Sachs' (GS.N), opens new tab announcement on Dec. 6 and come ahead of Donald Trump's return to the White House next week. Trump has been critical of efforts by governments to prescribe climate-change policies.
The four Canadian banks are TD Bank (TD.TO), opens new tab, Bank of Montreal (BMO.TO), opens new tab, National Bank of Canada (NA.TO), opens new tab and Canadian Imperial Bank of Commerce (CM.TO), opens new tab (CIBC).
The other big U.S. banks that have withdrawn are Wells Fargo (WFC.N), opens new tab, Citi (C.N), opens new tab, Bank of America (BAC.N), opens new tab, Morgan Stanley (MS.N), opens new tab and JPMorgan (JPM.N), opens new tab.
The Net-Zero Banking Alliance, a UN-sponsored initiative set up by former Bank of Canada Governor Mark Carney, was launched in 2021 to encourage f...
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