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Scotiabank leaves net-zero climate alliance, joining other major banks

Written by on January 20, 2025

TORONTO — Scotiabank is the latest major Canadian bank to withdraw from the Net-Zero Banking Alliance.

The bank joins BMO, National Bank, TD Bank Group and CIBC in leaving the alliance.

The Canadian banks started withdrawing not long after the six largest banks in the U.S. did the same as the presidential inauguration of Donald Trump loomed.

The UN-backed initiative aims to accelerate climate action among financial institutions.

A Scotiabank spokesperson said the bank is still committed to delivering its own climate transition plan, and remains committed to meeting the requirements of regulators around the globe.

RBC did not immediately respond to a request for comment on whether it is planning to leave the alliance as well.

This report by The Canadian Press was first published Jan. 20, 2025.

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The Canadian Press