Canada's TD, BMO, National Bank quit global climate coalition

18/1/2025 7:21

Bank of Montreal said on Friday it was withdrawing from the Net-Zero Banking Alliance (NZBA), making it the first Canadian lender to quit one of the world's top banking sector climate coalitions.



BMO's action follows that of U.S. lenders that have been rushing in the past two months to quit the climate coalition amid rising U.S. political pressure.



Goldman Sachs broke ranks to announce on Dec. 6 it was leaving NZBA and was soon followed by Wells Fargo, Citi, Bank of America, Morgan Stanley and

JPMorgan.



"We are fully committed to our climate strategy and supporting our clients as their lead partner in the transition to a net zero world," BMO said in a statement.

The lender, Canada's third largest, said it had "robust internal capabilities to implement relevant international standards," to support its climate strategy and meet regulatory requirements.