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Scotiabank joins major Canadian lenders quitting global climate coalition
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Scotiabank joins major Canadian lenders quitting global climate coalition
Jan 20, 2025 1:17 PM

Jan 20 (Reuters) - Bank of Nova Scotia ( BNS ) on

Monday joined some of Canada's biggest lenders to walk away from

a global banking sector climate coalition, a move that followed

the withdrawal led by six major U.S. banks.

The bank's exit from the Net-Zero Banking Alliance follows a

raft of similar announcements on Friday by TD Bank, Bank

of Montreal ( BERZ ), National Bank of Canada ( NTIOF ) and

Canadian Imperial Bank of Commerce ( CM ) .

"We remain committed to delivering our Climate Transition

Plan, and 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," said a Scotiabank

spokesperson.

The move coincides with Donald Trump's return to the White

House for the second time on Monday. He has been critical of

efforts by governments to prescribe climate-change policies.

So far, the big U.S. banks that have quit the Net-Zero

Banking Alliance initiative are Goldman Sachs ( GS ), Wells

Fargo ( WFC ), Citi, Bank of America ( BAC ), Morgan

Stanley ( MS ) and JPMorgan ( JPM ).

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