Four of Canada's biggest lenders said on Friday they were withdrawing from a global banking sector climate coalition, joining six major U.S. banks.

The Federal Reserve has withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System, a global coalition of central banks engaged in the study of climate risk that was launched in 2017.

Scotiabank is the latest major Canadian bank to withdraw from the Net-Zero Banking Alliance. The bank joins BMO, National Bank, TD Bank Group and CIBC in leaving the alliance. The Canadian banks started withdrawing not long after the six largest banks in the U.

Bank of Nova Scotia on Monday joined some of Canada's biggest lenders to walk away from a global banking sector climate coalition, a move that followed the withdrawal led by six major U.S. banks. The bank's exit from the Net-Zero Banking Alliance follows a raft of similar announcements on Friday by TD Bank,