Bank of Montreal has withdrawn from the UN-backed Net-Zero Banking Alliance that aims to accelerate climate action among financial institutions.
It becomes the first Canadian bank to pull out of the alliance, but follows on withdrawals by major U.S. banks ahead of the presidential inauguration of Donald Trump.
BMO says in a statement that it is committed to its climate strategy and to supporting clients in the transition to a net zero world.
The news, first reported by Reuters, comes after BMO chief executive Darryl White hinted at a conference earlier in January that the bank’s days in the alliance were numbered….