Scotiabank Joins Wall Street-Led Exit of Bankers’ Climate Club

Bank of Nova Scotia is the latest major bank to walk away from the industry’s biggest climate-finance alliance, following a mass exodus led by Wall Street.

The lender confirmed Monday it left the Net-Zero Banking Alliance, news that comes after Toronto-Dominion Bank, Bank of Montreal, Canadian Imperial Bank of Commerce and National Bank of Canada all said Friday they were leaving the NZBA.

Scotiabank and other lenders that quit the group all said the decision won’t affect their commitment to decarbonizing their business.

In Scotiabank’s case, the firm “will continue to finance the transition and support our ...