03:35 PM EST, 01/20/2025 (MT Newswires) -- Bank of Nova Scotia ( BNS ) is the latest major bank to walk away from the industry's biggest climate-finance alliance, following a mass exodus led by Wall Street, Bloomberg is reporting Monday.

It noted the lender confirmed Monday it left the Net-Zero Banking Alliance, news that comes after Toronto-Dominion Bank ( MLWIQXX ), Bank of Montreal ( BERZ ), Canadian Imperial Bank of Commerce ( CM ) and National Bank of Canada ( NTIOF ) all said Friday they were leaving the NZBA.

Scotiabank and other lenders that quit the group all said the decision won't affect their commitment to decarbonizing their business.

In Scotiabank's case, the firm "will continue to finance the transition and support our clients in implementing their sustainability strategies -- this is the most important role that we can play," spokesperson Katie Raskina said by email, adding that the bank "will continue to report on our progress, while meeting the varied and growing requirements of regulators across the globe."

Bloomberg noted Royal Bank of Canada ( RY ) is the only large Canadian bank remaining in the alliance, but the country's biggest lender has suggested it's reconsidering that membership. Dave McKay, RBC's chief executive officer, said in early January that pulling out of the NZBA "doesn't lead to a non-commitment to net zero or climate change."

A representative for RBC did not immediately respond to a request for comment Monday on the status of its membership in the group.

Canadian banks were some of the biggest financiers to oil, gas and coal companies in 2024, with Toronto-Dominion, RBC, BMO and CIBC ranking among the top 10 for such deals, according to data compiled by Bloomberg. The biggest provider of fossil-fuel finance last year was JPMorgan Chase & Co.

(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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