Insightful Word
  • Investing
  • Stock
  • Economy
  • Politics
  • Investing
  • Stock
  • Economy
  • Politics
No Result
View All Result
Insightful Word
No Result
View All Result
Home Economy

Top Canadian banks quit global climate coalition ahead of Trump inauguration

admin by admin
January 19, 2025
in Economy
0
Top Canadian banks quit global climate coalition ahead of Trump inauguration
0
SHARES
3
VIEWS
Share on FacebookShare on Twitter

By Nivedita Balu

TORONTO (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’ 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, Bank of Montreal, National Bank of Canada (OTC:NTIOF) and Canadian Imperial Bank of Commerce (NYSE:CM) ( CIBC (TSX:CM)).

The other big U.S. banks that have withdrawn are Wells Fargo (NYSE:WFC), Citi, Bank of America, Morgan Stanley (NYSE:MS) and JPMorgan.

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 financial institutions to limit the effects of climate change and push toward achieving net-zero emissions.

The Canadian banks said in separate statements that they were equipped to work outside the alliance and develop their climate strategies.

“The NZBA was formed at a time when the global industry was scaling up efforts to take action on climate, and served a valuable role in galvanizing these efforts and establishing momentum,” CIBC said in a statement.

“As this space has evolved and matured, and having made significant progress alongside our clients in these areas, we are now well-positioned to further this work outside of the formal structure of the NZBA,” it said.

Canadian banks have faced mounting pressure to address climate-related risks arising from their funding activities in the past few years. The country’s banking regulator has also introduced guidelines for financial institutions to manage their climate-related risks.

Separately, the U.S. Federal Reserve announced it had withdrawn from a global body of central banks and regulators devoted to exploring ways to police climate risk in the financial system.

This post appeared first on investing.com

Previous Post

Biden to sign order to prioritize distressed ‘left-behind communities’

Next Post

Saudi Arabia stocks higher at close of trade; Tadawul All Share up 0.62%

admin

admin

Next Post
Saudi Arabia stocks higher at close of trade; Tadawul All Share up 0.62%

Saudi Arabia stocks higher at close of trade; Tadawul All Share up 0.62%

Trending News

Chocolate prices in the UK surge to a record high: here’s why

Chocolate prices in the UK surge to a record high: here’s why

June 18, 2025
US stocks rebound on Tuesday: Dow up 400 points, Nasdaq surges 1%

US stocks rebound on Tuesday: Dow up 400 points, Nasdaq surges 1%

April 22, 2025
Exclusive-China to issue $284 billion of sovereign debt this year to help revive economy, sources say

Exclusive-China to issue $284 billion of sovereign debt this year to help revive economy, sources say

September 26, 2024
Subscribe to Insightful Word


    Recent News

    S&P 500 nears record high despite headwinds: key drivers behind the surprise rally

    S&P 500 nears record high despite headwinds: key drivers behind the surprise rally

    June 26, 2025
    Top Nasdaq 100 Index stocks of 2025 as it breaks new all-time high

    Top Nasdaq 100 Index stocks of 2025 as it breaks new all-time high

    June 26, 2025
    S&P 500 nears record high as Wall Street opens higher amid tech momentum

    S&P 500 nears record high as Wall Street opens higher amid tech momentum

    June 26, 2025
    Galaxy Digital launches $175 million fund to back DeFi and stablecoin startups

    Galaxy Digital launches $175 million fund to back DeFi and stablecoin startups

    June 26, 2025

    Recent News

    S&P 500 nears record high despite headwinds: key drivers behind the surprise rally

    S&P 500 nears record high despite headwinds: key drivers behind the surprise rally

    June 26, 2025
    Top Nasdaq 100 Index stocks of 2025 as it breaks new all-time high

    Top Nasdaq 100 Index stocks of 2025 as it breaks new all-time high

    June 26, 2025

    Latest News

    • S&P 500 nears record high despite headwinds: key drivers behind the surprise rally
    • Top Nasdaq 100 Index stocks of 2025 as it breaks new all-time high
    • S&P 500 nears record high as Wall Street opens higher amid tech momentum

    About Insightful Word

    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools
    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools

    Copyright © 2025 Insightfulword.com. All Rights Reserved.

    No Result
    View All Result
    • Investing
    • Stock
    • Economy
    • Politics

    Copyright © 2025 Insightfulword.com. All Rights Reserved.