Scotiabank has joined CIBC, BMO, National Bank, and TD Bank in withdrawing from the Net-Zero Banking Alliance (NZBA), leaving RBC as the sole Canadian member. The alliance, launched in 2021, committed banks to achieving net-zero portfolio emissions by 2050 with detailed plans.
Critics, including U.S. Republicans, argue the NZBA violates fiduciary duties and targets the oil and gas industry. Pressure to abandon climate commitments intensified ahead of Donald Trump’s inauguration, with his administration rolling back climate initiatives like the Paris Agreement. Despite leaving NZBA, banks claim continued commitment to climate goals.
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