Royal Bank of Canada has withdrawal from Net-Zero Banking Alliance (NZBA).

Royal Bank of Canada has followed JP Morgan, Goldman Sachs, Wells Fargo, Morgan Stanley, Citigroup and Bank of America out of the United Nations alliance.

Of course it’s all politics. The re-election of Donald Trump and his decision to back the extraction of fossil fuels (and antagonism to companies refusing to bankroll it) always meant that the banks were going to find difficult to square membership with a changed environment.

None-the-less the departing banks have said they will stick with their own transition plans.

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