RBC’s dropping of its ‘net zero’ finance targets came just one day after the Liberal Party under Mark Carney was re-elected in Canada.

Just one day after the re-election of the Liberal Party under Mark Carney, the Royal Bank of Canada joined the growing list of top banks withdrawing from a United Nations-backed “net zero” alliance that supports the eventual elimination of the nation’s oil and gas industry in the name of “climate change.”

The Royal Bank of Canada (RBC) on Tuesday quietly dumped its UN-backed Net-Zero Banking Alliance (NZBA) sustainable finance targets, which called for banks to come in line with the push for net-zero carbon emissions by 2050. The NZBA is a subgroup of the Glasgow Financial Alliance for Net Zero (GFANZ), which Carney was co-chair of until recently. RBC joins Toronto-Dominion Bank (TD), Bank of Montreal (BMO), National Bank of Canada, and the Canadian Imperial Bank of Commerce (CIBC) who earlier in the year said they were withdrawing from the NZBA.

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