RBC Quits Climate Group as Canadian Banks Follow Wall Street (1)

Royal Bank of Canada has followed Toronto-Dominion Bank and Bank of Montreal in leaving the banking industry’s largest climate-finance alliance.

With RBC’s exit, which it disclosed in a statement on Friday, all of Canada’s biggest banks have now left the Net-Zero Banking Alliance. Bank of Nova Scotia, Toronto-Dominion, BMO, Canadian Imperial Bank of Commerce and National Bank of Canada all announced their exits earlier this month.

RBC said leaving NZBA won’t change its focus on “supporting our clients to help them address climate change and succeed in the transition to a low-carbon and resilient economy.”

All the banks that ...