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Canadian banks withdraw from UN-backed climate initiative, will Europe follow?

Exterior of The Royal Bank of Canada.
Photo: Najlah Feanny/Corbis via Getty Images

Jean Hurley

2 min read
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European banks are reported to be reconsidering their alliance with the Net Zero Banking Alliance as President Trump rescinds ESG Executive Orders and Memoranda.

This past week has seen five of Canada’s largest banks announcing their withdrawal from the Net-Zero Banking Alliance (NZBA), a global initiative aligning the global banking sector with net-zero greenhouse gas emissions targets by 2050. The banks involved are: BMO (Bank of Montreal), National Bank of Canada, TD Bank Group,

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