The withdrawals from the Net-Zero Banking Alliance by Canada's largest banks signal a shift in their approach to climate action, emphasizing self-reliance over alliances.
BMO's Jeff Roman stressed the bank's commitment to its climate strategy, asserting they possess the internal capabilities to meet international standards and regulatory requirements.
National Bank's decision to leave the alliance aims to streamline their reporting, reflecting a shift toward a more pragmatic approach in working with various sectors to decarbonize.
CIBC noted that while the Net-Zero Banking Alliance was formed to enhance climate efforts, the evolving landscape allows them to pursue their goals independently.
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