A global banking group that Prime Minister Mark Carney helped launch in 2021 to fight climate change has voted to shut down.

A spokesperson for the UN-backed Net-Zero Banking Alliance says members voted to end the membership-based structure and instead use the climate guidance the group created as a reference.

As a result of the vote, the alliance is ending operations immediately.

Carney helped establish the group in his role as UN Special Envoy for Climate Action and Finance in the lead-up to the UN climate conference in Glasgow, Scotland, in 2021.

Morningstar DBRS said in a commentary last month that banks' ability to quantify climate risks is increasingly key to addressing challenges posed by more frequent extreme weather events.

“Although actions today are unlikely to affect the p

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