The United States Federal Reserve (Fed) announced this Friday that it has abandoned the Network of Central Banks and Supervisors for the Greening of the Financial System (NGFS) due to the growing number of fields of action in which said association acts.
“While the Council appreciates the commitment to the NGFS and its members, The work of the NGFS has been expanding its scopecovering a broader range of issues that fall outside the Council’s statutory mandate [de la Fed]”said the issuing institute in a brief statement.
The NGFS is a grouping of 114 central banks and supervisors created in 2017 which pursues the decarbonization of the financial system and advises its members on climate policies.
The Fed joined in 2020 as a permanent member and its output, now, coincides with the arrival on January 20 at Donald Trump’s White House for a second term at the head of the country. The Republican is known for being skeptical about the existence of global warming.
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