The Federal Reserve announced its withdrawal from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS), citing activities exceeding the Fed's legal authority. The NGFS, established in 2017, aims to promote green finance and climate policy by encouraging central banks and regulators to incorporate climate risks into their oversight. While the Fed appreciated its engagement with the NGFS, it stated that the group's scope had broadened beyond its statutory mandate.
The Federal Reserve on Friday announced that it has withdrawn from a global climate change regulation group due to its activities exceeding the scope of the Fed's legal authority. The Fed exited the Network of Central Banks and Supervisors for Greening the Financial System , which was created in 2017 to help facilitate the advancement of green finance and climate policy.
The Fed's announcement comes ahead of the inauguration of President-elect Trump for his second term in the White House, which is set to begin Monday. Trump has criticized governmental efforts to pursue climate change policies. GET FOX BUSINESS ON THE GO BY CLICKING HERE Reuters contributed to this report.
FEDERAL RESERVE CLIMATE CHANGE NGFS GREEN FINANCE REGULATION
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