Copenhagen Consensus president and environmentalist Bjorn Lomborg discusses California leaders blaming climate change for wildfires, Treasury Secretary nominee Scott Bessent’s confirmation hearing and climate policy in the United States .
U Federal Reserve On Friday, he announced that he was withdrawing from a global climate change regulatory group because of its activities that exceeded the scope of the Fed’s legal authority.
The Fed left the Network of Central Banks and Supervisors for Greening the Financial System (NGFS), which was created in 2017 to help facilitate the advancement of green finance and climate policy. The group develops policy recommendations for central banks and financial regulators to take a role in the fight against climate change incorporating climate risks into their surveillance work.
In 2020, the Federal Reserve joined the NGFS as a permanent member, and the organization had more than 100 central banks and financial regulators as members.
“While the Council 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 the Council’s statutory mandate,” he said. said the Council in a statement.
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The Federal Reserve announced its departure from the Network of Central Banks and Supervisors for Greening the Financial System, citing the group’s increasingly broad regulatory focus. (iStock/iStock)
In recent years, the Fed has taken some steps to integrate climate change in its work through the use of preliminary analysis and reports.
However, Fed Chairman Jerome Powell has repeatedly insisted that the Fed is not responsible for setting climate change policy and that these issues are under the authority of Congress.
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Federal Reserve Chairman Jerome Powell said Congress, not the Fed, has responsibility for climate regulations. (Alex Wong/Getty Images/Getty Images)
The Fed’s announcement comes ahead of the inauguration of President-elect Trump for his second term in the White House, which is due to begin on Monday.
Trump has criticized the government’s efforts to pursue climate change policies.
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Reuters contributed to this report.
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2025-01-18 00:45:00
