Federal Reserve Withdraws From Global Climate Coalition
- Fed says the work of the coalition has broadened in scope
- The central bank had joined the global coalition in 2020
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The Federal Reserve has withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System, a global coalition of central banks engaged in the study of climate risk that was launched in 2017.
“While the Board has appreciated the engagement with the NGFS and its members, the work of the NGFS has increasingly broadened in scope, covering a wider range of issues that are outside of the Board’s statutory mandate,” the central bank said in a statement on Friday.