💨 Abstract

Bank of Montreal (BMO) has become the first Canadian lender to withdraw from the Net-Zero Banking Alliance (NZBA), following a trend of U.S. lenders leaving the climate coalition due to increasing political pressure. BMO remains committed to its climate strategy and has robust internal capabilities to meet regulatory requirements. The NZBA was established to encourage financial institutions to mitigate climate change, and Canadian banks are under pressure to address climate-related risks in their funding activities.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖