Big Six banks join Mark Carney-led Net-Zero Banking Alliance


Canada’s Massive Six banks have collectively introduced that they may be a part of the Web-Zero Banking Alliance forward of the UN local weather summit set to start out in Glasgow on the finish of the month.

The worldwide alliance commits members to aligning their lending and funding portfolios with net-zero emissions by 2050, in addition to to setting intermediate targets for 2030 or sooner.

The industry-led alliance is the banking element of the broader Glasgow Monetary Alliance for Web Zero, chaired by UN particular envoy and former Financial institution of Canada governor Mark Carney.

Carney mentioned in a press release that by becoming a member of the alliance, the Canadian banks are “bringing their deep experience and robust stability sheets to drive options for the sustainable economic system.”

Most of Canada’s massive banks have already made separate pledges over the previous 12 months to reaching net-zero emissions by 2050, however the alliance says that it supplies an internationally coherent framework and pointers for all banks to comply with.

Vancouver Metropolis Financial savings Credit score Union and HSBC have been the one banks working in Canada to signal on to the alliance when it was first introduced in April.

This report by The Canadian Press was first printed Oct. 15, 2021

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