Carney’s UN-Backed Green Bank Alliance Pauses Activities While Members Vote on ‘New Framework’
https://www.theepochtimes.com/world/carneys-un-backed-green-bank-alliance-pauses-activities-while-members-vote-on-new-framework-5907996?ea_src=ca-frontpage&ea_med=more-top-news-0
A global green bank alliance, which Prime Minister Mark Carney helped create, is pausing its activities while its members vote on whether the alliance will be restructured following the withdrawal of numerous members.
The United Nations-backed Net-Zero Banking Alliance (NZBA) says it has initiated a vote for its member banks to decide on a proposal to transition “from a membership-based alliance to establishing its guidance as a new framework initiative.” The decision to initiate the vote was based on member input, the alliance says.
“NZBA has paused its ongoing activities while members complete the current voting process and will share the outcome once voting concludes at the end of September,” the alliance said in an Aug. 27 press release.
Four of Canada’s major banks left the alliance leading up to U.S President Donald Trump’s inauguration on Jan. 20, including the Bank of Montreal (BMO), TD Bank, National Bank of Canada, and the Canadian Imperial Bank of Commerce (CIBC), who announced they were leaving the coalition on Jan. 17. Following suit, Scotia Bank announced it was leaving the pact on Jan. 20, and the Royal Bank of Canada (RBC) on Jan. 31, leaving none of Canada’s “Big Six” banks represented in the group.
The Canadian banks left the alliance following the withdrawal of the six largest U.S. banks after U.S. President Donald Trump was elected on Nov. 5 last year, including Goldman Sachs, Wells Fargo, Bank of America, Citigroup, Morgan Stanley, and JPMorgan.
Some U.S. Republican politicians have been critical of the alliance, with U.S. Representative Andy Barr saying the alliance is meant to “weaponize the financial system and politicize it to choke off funding to legal fossil energy businesses.” Continue…