Canadian banks quit the global climate coalition.

On Friday, four of Canada’s largest lenders, along with six major US institutions, announced their withdrawal from a global climate alliance.

The departures from the Net-Zero Banking Alliance began with Goldman Sachs’ statement on December 6, and they occur ahead of Donald Trump’s return to the White House next week. Trump has criticized governments’ efforts to dictate climate-change policy.

The four Canadian banks are TD Bank, Bank of Montreal, National Bank of Canada, and the Canadian Imperial Bank of Commerce. The Net-Zero Banking Alliance, a UN-sponsored effort founded by former Bank of Canada Governor Mark Carney, was established in 2021 to encourage financial institutions to mitigate the consequences of climate change and strive for net-zero emissions.

In separate remarks, the Canadian banks stated that they were prepared to collaborate outside of the alliance and establish their own climate initiatives.