Federal Reserve leaves global climate group (2025)
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The Federal Reserve announced Jan. 17 its departure from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS).
The Fed’s withdrawal is part of a broader divergence between ESG policies in the U.S. and other countries (especially Europe). The central bank said NGFS’s work has expanded beyond the scope of the Fed’s statutory authority.
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'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. … The Fed’s move comes after US regulators had refused to back a plan last year that would have seen the Basel Committee on Banking Supervision push lenders to disclose their climate risk. … The Federal Deposit Insurance Corp. also is planning to leave a group aimed at reducing finance’s climate effects.[1] |
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See also
- Environmental, social, and corporate governance (ESG)
- Economy and Society: Ballotpedia's ESG newsletter
External links
Footnotes
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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