The bank joined CIBC, BMO, National Bank and TD Bank in exiting the Net-Zero Banking Alliance, on the heels of a Wall Street exodus from the initiative. RBC is the only major Canadian bank that’s still a member. (The Canadian Press)

Talking point: Canada’s Big Six banks joined the alliance shortly after it launched in 2021, pledging to achieve portfolios with net-zero greenhouse gas emissions by 2050 and to disclose credible plans for how they intend to reach that goal. The banks that have left the alliance said they’re still committed to their climate goals. U.S. Republicans have criticized the initiative, claiming it amounts to a boycott on the oil and gas industry and violates firms’ fiduciary duties. Calls to end the alliance, as well as sister coalitions like the Net-Zero Asset Managers initiative, intensified in the lead-up to Donald Trump’s inauguration Monday. The U.S. president has already started enacting promises to roll back climate initiatives, including ordering the U.S. to exit the Paris climate agreement, and rescinding an earlier executive order calling for firms to disclose climate-related financial risks.