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Big Banks Flee Climate Coalition Formed to Reduce Carbon Emissions

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Morgan Stanley, Citigroup and Bank of America this week withdrew from an ambitious pandemic-era climate coalition designed to help drive a shift to reduce carbon emissions by businesses. That followed withdrawals over the past month by Wells Fargo and Goldman Sachs from the United Nations-backed coalition,
The article from MSN discusses the recent withdrawal of several major banks from the Climate Coalition, an initiative aimed at reducing carbon emissions. Banks such as JPMorgan Chase, Bank of America, and Citigroup have left the group, which was formed to help financial institutions align their lending and investment portfolios with the goals of the Paris Agreement. The departure of these banks has raised concerns about the commitment of the financial sector to combat climate change. Critics argue that the exit might be due to pressures from various stakeholders, including shareholders who are wary of potential regulatory scrutiny and the financial implications of adhering to strict environmental standards. This move has sparked a debate on the balance between economic interests and environmental responsibilities, with some seeing it as a setback for global climate efforts.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/other/big-banks-flee-climate-coalition-formed-to-reduce-carbon-emissions/ar-AA1wSOfF ]