Canada's Biggest Banks Mull Exit From Climate Finance Alliance

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Canada's Biggest Banks Mull Exit From Climate Finance Alliance
Banking,Climate Finance,Net-Zero Banking Alliance

The Net-Zero Banking Alliance, a climate-finance initiative, has seen a wave of departures from major US banks. Amidst Republican criticism of 'woke capitalism' and concerns over the alliance's impact, Canada's Royal Bank of Canada and Bank of Montreal are reportedly reconsidering their membership. Both banks assert their commitment to net-zero emissions and climate action, although they question the effectiveness of the alliance as a policy framework.

Christine Dobby and Alastair Marsh, Bloomberg NewsRBC closed the fiscal year with solid Q4 results as the Atlantic-based lender exceeded earnings per share estimates. Portfolio manager Dan Rohinton explains.

Against that backdrop, two of Canada’s biggest lenders are now showing signs of reconsidering their own membership. White said that regardless of the “mechanism,” BMO remains committed to the transition to a low-carbon economy. At the same time, he said the company also has “a commitment, particularly here in Canada, to our legacy energy customers completely. We won’t abandon that.”

 

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