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US Fed decides to withdraw from NGFS climate coalition
(MENAFN) On Friday, the US Federal Reserve announced its decision to withdraw from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS). The Fed explained that although it valued its involvement with the NGFS and appreciated the collaboration with its members, the network’s expanding scope had begun to extend beyond the areas covered by the Federal Reserve's statutory mandate. This widening of focus was seen as no longer aligning with the board's responsibilities and goals.
The NGFS was created in 2017 during the Paris One Planet Summit as a voluntary initiative aimed at fostering the sharing of best practices among central banks and supervisors. Its mission is to enhance climate and environmental risk management in the financial sector and to mobilize mainstream finance in supporting the transition to a more sustainable global economy.
The Federal Reserve had joined the network in 2020, becoming part of a growing group of more than 160 members and observers. Through its participation, the Fed was involved in discussions aimed at integrating environmental factors into financial sector practices. However, as the network expanded its activities, the Fed found that many of these initiatives were increasingly outside the scope of its legal mandate.
The withdrawal from the NGFS marks a significant shift in the Fed's approach to climate and environmental issues, signaling that while it remains committed to addressing such concerns, it will do so within the boundaries of its core regulatory and financial duties.
The NGFS was created in 2017 during the Paris One Planet Summit as a voluntary initiative aimed at fostering the sharing of best practices among central banks and supervisors. Its mission is to enhance climate and environmental risk management in the financial sector and to mobilize mainstream finance in supporting the transition to a more sustainable global economy.
The Federal Reserve had joined the network in 2020, becoming part of a growing group of more than 160 members and observers. Through its participation, the Fed was involved in discussions aimed at integrating environmental factors into financial sector practices. However, as the network expanded its activities, the Fed found that many of these initiatives were increasingly outside the scope of its legal mandate.
The withdrawal from the NGFS marks a significant shift in the Fed's approach to climate and environmental issues, signaling that while it remains committed to addressing such concerns, it will do so within the boundaries of its core regulatory and financial duties.
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