The U.S. central bank said the work of the Network of Central Banks and Supervisors for Greening the Financial System has “broadened in scope” and no longer falls within its “statutory mandate.”

Four of Canada's biggest lenders said on Friday they were withdrawing from a global banking sector climate coalition, joining six major U.S. banks.

Four of Canada’s largest banking institutions, BMO, National Bank, TD Bank Group, and CIBC, have withdrawn from the UN-backed Net-Zero Banking Alliance. Despite their departure, these banks assert that they remain committed to advancing their climate strategies independently.

Bank of Nova Scotia on Monday joined some of Canada's biggest lenders to walk away from a global banking sector climate coalition, a move that followed the withdrawal led by six major U.S. banks. The bank's exit from the Net-Zero Banking Alliance follows a raft of similar announcements on Friday by TD Bank,

Four major Canadian banks and six U.S. banking giants have withdrawn from the Net-Zero Banking Alliance (NZBA), a UN initiative aimed at driving net-zero emissions. The departures began with Goldman Sachs announcement