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Big banks abandoned a voluntary climate alliance. Now, critics are calling for new laws.

In the lead-up to Inauguration Day, all six of the United States' largest banks backed away from a United Nations-sponsored climate initiative amid attacks from conservative lawmakers and regulators.

The article discusses the recent withdrawal of several major U.S. banks, including JPMorgan Chase, Bank of America, and Citigroup, from the Climate Action 100+ initiative, a voluntary coalition aimed at pushing companies towards more sustainable practices to combat climate change. Critics argue that this move reflects a broader retreat from environmental commitments due to political pressures and potential legal risks. The banks' exit has sparked a debate on the effectiveness of voluntary climate alliances and has led to calls for mandatory regulations to ensure financial institutions contribute to climate goals. Advocates for stronger laws believe that without legal obligations, banks might prioritize short-term profits over long-term environmental sustainability, potentially undermining global efforts to reduce carbon emissions. This situation has intensified discussions on how to align financial sectors with climate objectives through regulatory frameworks.

Read the Full MSN Article at:
https://www.msn.com/en-us/money/other/big-banks-abandoned-a-voluntary-climate-alliance-now-critics-are-calling-for-new-laws/ar-AA1A8h3K