A global banking alliance, founded by Mark Carney in 2021 to fund “net-zero” emissions, has voted to cease operations, according to the Epoch Times.

The U.N.-backed Net-Zero Banking Alliance (NZBA) has disbanded, effective immediately, after members voted to end its membership structure and instead use its climate guidance as a reference.

This follows the alliance having already suspended its work in late August.

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Carney launched the alliance as U.N. Special Envoy for Climate Action and Finance before the 2021 U.N. climate conference. 

Initially, Vancouver City Savings Credit Union was Canada's sole member of the 63-institution, 32-country, US$40-trillion alliance established before COP26. In October 2021, Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, Canadian Imperial Bank of Commerce, and National Bank of Canada announced their intent to join.

The alliance published over a dozen reports, assisting nearly 150 banks globally in developing climate strategies and setting 500+ sectoral “net-zero” targets. 

It sought to standardize bank emissions targets and align investment with 2050 “net-zero” climate goals.

However, in the weeks preceding President Donald Trump's inauguration, several Canadian banks, including TD, Scotiabank, BMO, CIBC, National Bank, and RBC, exited the climate alliance, stating they would continue emissions work independently.

The Net Zero Asset Managers Initiative (NZAMI), a sister organization to the institutional investor alliance, suspended operations in January after its largest member, BlackRock Inc., withdrew. NZAMI had over 325 members managing US$57.5-trillion in assets.

RBC and BMO implied it wasn't the best way to achieve climate goals, as reported by the Globe and Mail. RBC CEO Dave McKay stated on January 8 that pulling out of the NZBA doesn't negate their net-zero commitment, but claimed the NZBA mechanism for oversight, policies, and reporting might not be the most effective.

BMO clarified that it already has "robust internal capabilities" to meet regulatory requirements for its climate strategy.

Trump rips the "globalist concept" behind the Paris Accord, calling it a green energy "scam" that made the US pay large sums compared to China or Russia as he explains why he withdrew from the UN agreement. pic.twitter.com/tXFSRZ5mgp

— Rebel News (@RebelNewsOnline) September 23, 2025

On September 23, U.S. President Donald Trump told the U.N. General Assembly that countries pursuing "green energy" and open border policies are "going to hell." He went on to call green energy policies a "scam" that harms developed countries by redistributing manufacturing to "polluting countries" that profit by breaking environmental rules.

Carney stated that America's shift from "net-zero" policies creates a "great opportunity for Canada" to provide solutions. 

Conservative Leader Pierre Poilievre praised the alliance's dissolution on October 3, calling it a "money-grubbing scheme to enrich global bankers while shutting down oil and gas in Western countries."