The Federal Reserve announced Friday that it was withdrawing from a global climate change group, the latest indication that U.S. financial regulators will avoid climate-related policies heading into the second Trump administration.
The central bank said in a statement that it had ended its involvement with the Network of Central Banks and Supervisors for Greening the Financial System, a group of central bankers and regulators that focuses on addressing the financial risks associated with climate change.
“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 Fed said in a statement.
The Fed board voted 5-0 to withdraw from the group. Fed governor Adriana Kugler and Michael Barr, the outgoing vice chair for supervision, abstained from the vote.