US EditionFederal Reserve says it will leave climate change organization
- The Federal Reserve announced its withdrawal from the Network of Central Banks and Supervisors for Greening the Financial System due to the group's activities exceeding its legal authority.
- The Federal Reserve joined the NGFS in 2020, which aimed to integrate climate risks into financial oversight, but recently criticized the group's broadening scope.
- Federal Reserve Chair Jerome Powell stated that climate policy falls under Congress' authority, not the Fed's responsibilities.
- Rep. Andy Barr welcomed the Fed's decision, stating it prioritizes the needs of American citizens over foreign bureaucrats' wants.
44 Articles
44 Articles
Federal Reserve Withdraws From Global Climate Group as Trump Set to Assume Power
The U.S. Federal Reserve is exiting a global climate change coalition days before the new Trump administration is set to take power on Jan. 20. The Federal Reserve had joined the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) in December 2020. NGFS, composed of global central banks and supervisors, aims to integrate climate and environmental risk management into the financial sector and mobilize “finance to sup…
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Climate DepotFederal Reserve Withdraws from Global Climate Coalition
In a move that has sent shockwaves through climate advocacy circles, the U.S. Federal Reserve announced its withdrawal from the NGFS—a coalition of central banks established in 2017 to address climate-related risks in financial systems. Citing its limited statutory mandate, the Fed made clear that it was not responsible for shaping climate policy. Chair Jerome…
Federal Reserve Exits International Climate Change Initiative
Erik McGregor/LightRocket/Getty ImagesThe U.S. Federal Reserve made headlines yesterday by announcing its withdrawal from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS). This international coalition, established in 2017, was designed to explore and address climate-related financial risks. The decision comes just days before the inauguration of Republican President-elect Donald Trump, who has been hostile to…
Fed to withdraw from international climate change framework before administration change
[Washington = Takami Kosuke] The US Federal Reserve Board (FRB) announced on the 17th that it has withdrawn from the Network of Financial Authorities for Climate Risk (NGFS). This may have been in consideration of the policy of the incoming Trump administration, which promotes fossil fuel energy development. The FRB released a statement saying, "While we have valued our engagement with NGFS and its members, NGFS' activities have increasingly bro…
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