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Mark Carney-Launched Net-Zero Banking Alliance Votes to Shut Down

Business & Policy
October 3, 2025

mark carney grim 1200x810 — Current Canadian Prime Minister Mark Carney

A spokesperson for the UN-backed Net-Zero Banking Alliance says members voted to end the membership-based structure and instead use the climate guidance the group created as a reference.

As a result of the vote, the alliance is ending operations immediately.

Carney launched the group in his role as UN Special Envoy for Climate Action and Finance in the lead-up to the UN climate conference in 2021.

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The alliance drew dozens of the world’s top banks, including Canada’s Big Six, that committed to make their portfolios net-zero by 2050.

Sustained political pressure from U.S. Republicans led major U.S. banks to leave the alliance ahead of Donald Trump’s inauguration, and Canadian banks including RBC, TD, Scotiabank, BMO, CIBC and National Bank all left the group in January.