The Net-Zero Banking Alliance has ended after its remaining members voted to cease operations. Resources developed in the four years since it launched will remain accessible to banks seeking to decarbonize their business. (Reuters)

Talking point: The alliance was part of a broader global coalition of finance-sector groups Prime Minister Mark Carney launched in 2021, in his then-role as UN Special Envoy on Climate Action and Finance. Political pressure from U.S. Republicans prompted Wall Street banking giants to leave the alliance starting late last year. Canadian banks—including RBC, TD, Scotiabank, BMO, CIBC and National Bank—followed suit, though they said they were still committed to their climate goals. Some have walked back climate targets, however. In April, RBC dropped its $500-million green financing commitment, citing anti-greenwashing changes to the Competition Act. CPP Investments—which left its branch of the global climate alliance in 2023—scrapped its net-zero target in May due to “recent legal developments.”