Bank of Montreal said on Friday it was withdrawing from the Net-Zero Banking Alliance (NZBA), making it the first Canadian lender to quit one of the world's top banking sector climate coalitions. BMO's action follows that of U.

Despite leaving the Net Zero Banking Alliance, bank says its commitment to climate targets and decarbonization remains

The Bank of Montreal has become the first Canadian bank to withdraw from the Net-Zero Banking Alliance, which aims to align lending, investment and capital markets activity with net-zero greenhouse gas emissions by 2050.

Bank of Montreal has withdrawn from the UN-backed Net-Zero Banking Alliance that aims to accelerate climate action among financial institutions. It becomes the first Canadian bank to pull out of the alliance, but follows on withdrawals by major U.S. banks ahead of the presidential inauguration of Donald Trump.

BMO’s action follow that of U.S. lenders that have been rushing in recent weeks to leave one of the climate coalitions. Goldman Sachs broke ranks to announce on Dec. 6 it was leaving NZBA and was soon followed by Wells Fargo, Citi, Bank of America, Morgan Stanley and JPMorgan.

By Nivedita Balu TORONTO (Reuters) -TD Bank, Bank of Montreal and National Bank of Canada said on Friday they were withdrawing from the Net-Zero Banking Alliance, joining the big-six U.S. banks in quitting the banking sector climate coalition.

Donald Trump's return to the White House next week. Trump has been critical of efforts by governments to prescribe climate-change policies. The four Canadian banks are TD Bank, Bank of Montreal, National Bank of Canada and Canadian Imperial Bank of Commerce (CIBC).