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Federal Reserve says it will leave climate change organization

  • The Federal Reserve is withdrawing from the network of central banks and supervisors for greening the financial system, as announced on January 17, 2025.
  • The Federal Reserve entered the NGFS in December 2020 to exchange ideas on environmental and climate risk management policies.
  • The Federal Reserve stated it is leaving because the NGFS's scope has broadened beyond its statutory mandate.
  • Fed Chair Jerome Powell emphasized that climate change policies are the responsibility of elected officials and not the Federal Reserve.
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[Washington = Takami Kosuke] The US Federal Reserve Board (FRB) announced on the 17th that it has withdrawn from the Network of Financial Authorities for Climate Risk (NGFS).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…

·Japan
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U.S. News broke the news in New York, United States on Friday, January 17, 2025.
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