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.

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.

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 (NZBA), joining the big six US banks in quitting the banking sector climate coalition.

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.

Bank of Montreal has withdrawn from the UN-backed Net-Zero Banking Alliance that aims to accelerate climate action among financial institutions.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.