Top Canadian banks quit global climate coalition ahead of Trump inauguration

ER Editor: We’re not banking experts, but it sounds as if all the wheels have come off the globalist climate bandwagon once and for all.

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This might be of some interest to readers —

TD Bank accelerates leadership transition, cuts pay for outgoing CEO and 40 others

Jan 17 (Reuters) – Canada’s TD Bank Group (TD.TO) said on Friday CEO-designate Raymond Chun will take charge on Feb. 1, more than two months earlier than initially planned, and that it slashed outgoing CEO Bharat Masrani’s annual salary by 89%.
TD said 40 other senior executives, some no longer with the bank, took pay cuts in 2024 totaling C$30 million to reflect anti-money laundering failures that cost the Canadian company billions in penalties and business restrictions in the U.S., its biggest growth market.
All other members of the senior executive team will face a reduction of at least 25% in their 2024 compensation, which typically is a mix of salaries and bonuses, TD said.

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Top Canadian banks quit global climate coalition ahead of Trump inauguration

NIVEDITA BALU for REUTERS

One of the original Bank of Montreal buildings is seen in Toronto
A coat of arms is seen on one of the original Bank of Montreal (BMO) buildings in Toronto, Ontario, Canada June 1, 2021. REUTERS/Chris Helgren/File Photo Purchase Licensing Rights
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The four Canadian banks are TD Bank (TD.TO),, Bank of Montreal (BMO.TO), , National Bank of Canada (NA.TO), and Canadian Imperial Bank of Commerce (CM.TO) (CIBC).
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The other big U.S. banks that have withdrawn are Wells Fargo (WFC.N), Citi (C.N), Bank of America (BAC.N), Morgan Stanley (MS.N), and JPMorgan (JPM.N).
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The Net-Zero Banking Alliance, a UN-sponsored initiative set up by former Bank of Canada Governor Mark Carney, was launched in 2021 to encourage financial institutions to limit the effects of climate change and push toward achieving net-zero emissions.
Canadian banks have faced mounting pressure to address climate-related risks arising from their funding activities in the past few years. The country’s banking regulator has also introduced guidelines for financial institutions to manage their climate-related risks.
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Separately, the U.S. Federal Reserve announced it had withdrawn from a global body of central banks and regulators devoted to exploring ways to police climate risk in the financial system.
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CONTINUE READING HERE

Featured image source: https://www.climateandcapitalmedia.com/mark-carneys-130-trillion-funding-for-net-zero-is-he-good-for-it/

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Published to The Liberty Beacon from EuropeReloaded.com

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