The Globe and Mail reports in its Thursday edition that two of Canada's big banks have signalled they no longer believe the Net-Zero Banking Alliance (NZBA) is the most effective tool to encourage climate change efforts. The Globe's Stefanie Marotta writes that major U.S. banks have been leaving the global alliance to combat climate change as backlash against environmental initiatives mounts ahead of Donald Trump's return to the White House. RBC's chief executive officer, Dave McKay, said that with U.S. banks pulling out of NZBA, the agreement is "in flux" as organizations assess whether the NZBA is the right organization or mechanism to address climate change. "If our countries have an objective to get to a certain point, we will be part of that, and therefore pulling out of NZBA hypothetically doesn't lead to non-commitment to net-zero climate change," Mr. McKay said. "It just means that mechanism, that organization that fostered oversight and policies and rules around what you can and can't do and how you report, maybe that is not the right mechanism to do it." BMO CEO Darryl White said banks will make decisions based on the right approach for their specific market while reaffirming commitment to climate transition.