(Reuters) – Royal Bank of Canada is exiting the banking industry’s largest climate-finance alliance after a similar move by domestic peers Toronto-Dominion Bank and Bank of Montreal , a spokesperson for the lender said on Friday.
The Net-Zero Banking Alliance, a UN-sponsored initiative set up by former Bank of Canada Governor Mark Carney, was launched in 2021 to encourage financial institutions to limit the effects of climate change and push toward achieving net-zero emissions.
The departures from the alliance began with Goldman Sachs’ announcement on Dec. 6.
(Reporting by Pritam Biswas in Bengaluru; Editing by Maju Samuel)
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