Federal Reserve Withdraws from NGFS
Washington, D.C. – The Federal Reserve Board announced today that it has withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS).
The NGFS was established in 2017 by eight central banks and supervisors to share best practices and collaborate on the development of climate-related financial risk management tools and approaches. The network has since grown to include over 120 members from over 60 jurisdictions.
The Fed’s decision to withdraw from the NGFS was made after careful consideration of the network’s strategic direction and the Fed’s own priorities. The Fed believes that it can best serve its mandate by continuing to focus on its domestic responsibilities, including promoting a stable financial system and fostering maximum employment and price stability.
The Fed remains committed to addressing the financial risks posed by climate change. The Fed will continue to work with other domestic and international organizations to share information and best practices on climate-related financial risk management.
The Fed’s withdrawal from the NGFS does not reflect any change in its commitment to addressing climate change. The Fed believes that it can best serve its mandate by continuing to focus on its domestic responsibilities and working with other organizations to share information and best practices on climate-related financial risk management.
Additional Information
The NGFS is a network of central banks and supervisors that share best practices and collaborate on the development of climate-related financial risk management tools and approaches. The network was established in 2017 by eight central banks and supervisors, and has since grown to include over 120 members from over 60 jurisdictions.
The Fed’s withdrawal from the NGFS does not reflect any change in its commitment to addressing climate change. The Fed believes that it can best serve its mandate by continuing to focus on its domestic responsibilities and working with other organizations to share information and best practices on climate-related financial risk management.
Federal Reserve Board announces it has withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS)
The AI has provided us with the news.
I’ve asked Google Gemini the following question, and here’s its response.
FRB a new article on 2025-01-17 18:30 titled “Federal Reserve Board announces it has withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS)”. Please write a detailed article on this news item, including any relevant information. Answers should be in English.
38