Scotiabank has emerged as the latest Canadian bank to exit the UN-brokered climate finance alliance, following the exit of four other Canadian banks last week.
The bank’s departure from the Net-Zero Banking Alliance (NZBA) comes in the wake of the Toronto-Dominion Bank (TD), Bank of Montreal (BMO), Canadian Imperial Bank of Commerce (CIBC), and National Bank of Canada leaving the alliance Jan. 17.
The recent exits of Canadian banks from the alliance follow the withdrawal of the six largest banks in the United States in the weeks leading up to the Jan. 20 presidential inauguration of Donald Trump.
Some U.S. Republican politicians have been critical of the alliance, with Rep. Andy Barr saying the alliance is meant to “weaponize the financial system and politicize it to choke off funding to legal fossil energy businesses.”…