Treasury pulls out of global climate change group

By Michael Stratford | 02/03/2025 06:15 AM EST

The department’s action follows similar moves taken by the Fed and FDIC.

The Treasury Department announced Thursday that it was withdrawing from an international group of regulators and central bankers that studies the financial risks of climate change, carrying out President Donald Trump’s directives to unravel Biden-era climate policies.

Treasury said its Federal Insurance Office would no longer participate in the Network of Central Banks and Supervisors for Greening the Financial System, which the Biden administration joined in 2022.

The decision is part of a broader governmentwide reversal in how federal regulators and agencies are set to approach climate change during the Trump administration. Treasury is following other U.S. financial regulators, the Federal Reserve and Federal Deposit Insurance Corporation, which have announced in recent weeks that they are also leaving the group.

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In a statement, Treasury said that the decision was meant to implement Trump’s Day 1 executive orders that targeted global cooperation on climate change and sought to boost domestic production of oil and gas.

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