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Investing.com -- Sumitomo Mitsui Financial Group (NYSE:SMFG), a major bank in Japan, is withdrawing its participation from an international decarbonization framework for financial institutions, according to Nikkei. This move comes in response to possible legal pressure from the United States, where lawmakers have criticized this joint carbon-cutting initiative of the financial industry.
SMFG is the first Japanese financial institution to exit this framework, which was established to help global financial institutions reduce their carbon footprint. The decision comes as the administration of President Donald Trump has been applying pressure, threatening legal action to halt the carbon-cutting initiative.
Several large U.S. banks have already left the framework due to this pressure. In addition, Nomura Holdings (NYSE:NMR), another Japanese financial institution, is currently considering a similar move.
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