Canadian Banks Depart Global Climate Coalition

The Bank of Nova Scotia and other major Canadian lenders exit the Net-Zero Banking Alliance following similar moves by U.S. banks. Despite withdrawal, Scotiabank commits to its Climate Transition Plan. This decision aligns with Donald Trump's return to the White House and his criticism of climate policies.

Bank of Nova Scotia has joined other major Canadian banks in withdrawing from the Net-Zero Banking Alliance, marking a significant shift within the global banking sector regarding climate policies.

This decision comes after a trend initiated by six major U.S. banks, including Goldman Sachs and JPMorgan, departing from the coalition.

Despite its withdrawal, Scotiabank has reiterated its commitment to advancing its Climate Transition Plan, remaining aligned with its sustainability goals amid criticism of climate policies from figures like Donald Trump, who returned to the White House on Monday.

(With inputs from agencies.)