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ARTICLE · 25 OCTOBER 2021

Major Canadian Banks Join Net-Zero Banking Alliance (NZBA) — Unpacking The Initiative And Net-Zero Commitments

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On the eve of the 2021 United Nations Climate Change Conference (COP26) in Glasgow, six of Canada's largest banks — BMO, CIBC, National Bank of Canada, RBC, Scotiabank, and TD...

CanadaFinance and Banking
Ravipal Bains
Ravipal Bains
Bruno Caron
Bruno Caron
Eric B. Friedman
Eric B. Friedman
Don Waters
Don Waters
Isabelle Guevara
Isabelle Guevara
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On the eve of the 2021 United Nations Climate Change Conference (COP26) in Glasgow, six of Canada's largest banks — BMO, CIBC, National Bank of Canada, RBC, Scotiabank, and TD — announced that they had signed on to the Net-Zero Banking Alliance (the "NZBA"), a global sustainability focused banking initiative.

With these announcements, the Big Six join other large international financial institutions such as BNP Paribas, Citi, and HSBC who have already committed to the NZBA. Earlier this year, Vancouver-based Vancity Credit Union became the first Canadian institution to join NZBA as one of the founding signatories.

Background

On April 21, 2021, the United Nations convened an international alliance that brought together several net-zero initiatives across the financial system into one strategic forum called the Glasgow Financial Alliance for Net Zero ("GFANZ"). Chaired by former Bank of Canada Governor and UN Special Envoy for Climate Action and Finance Mark

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