4 of Canada’s biggest banks leave Mark Carney-led climate initiative [Video]

Four of Canada’s biggest banks have left the UN-backed Net-Zero Banking Alliance that aims to accelerate climate action among financial institutions.

Banks including BMO, National Bank, TD Bank Group and CIBC confirmed Friday they were no longer members.

The withdrawals from the alliance follow departures by the six largest banks in the U.S. in recent weeks, ahead of the presidential inauguration of Donald Trump.

Financial institutions are pulling back following sustained criticism from U.S. Republicans on various climate alliances and the very concept of factoring environmental risks into their business operations.

BlackRock, the world’s largest asset manager, left the Net Zero Asset Managers Initiative earlier this month in a move that led the group to suspend activities and launch a review of the initiative, citing “recent developments in the U.S.”

Canadian banks did not cite issues in the U.S. for why they were leaving the alliance, but in statements said …