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The Federal Reserve Just Took A Major Step Forward On Climate
The U.S. central bank is joining the financial equivalent of the Paris Agreement, becoming one of the last of its peers to do so.
The Federal Reserve on Tuesday took its most significant step forward on climate change, announcing that it joined a group of some 75 other central banks focused on rooting out the risk warming poses to the global financial system.
The U.S. central bank’s five-member governing board voted unanimously last week to become a formal member of the Network of Central Banks and Supervisors for Greening the Financial System, known by the acronym NSGS. The international coalition was founded in 2017 to exchange “ideas, research, and best practices on the development of environment and climate risk management for the financial sector.”
Climate change warriors just added a powerful new member to their ranks.
The United States Federal Reserve on Tuesday said it has formally joined a global panel of central banks and supervisory authorities working to develop the environment and climate risk management for the financial sector.
The Fed began participating in discussions and activities with the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) more than a year ago.
‘As we develop our understanding of how best to assess the impact of climate change on the financial system, we look forward to continuing and deepening our discussions with our NGFS colleagues from around the world,’ said Federal Reserve Chairman Jerome Powell on Tuesday [File: Kevin Lamarque/Reuters]But Tuesday’s announcement signals the US central bank is stepping out from behind the scenes to take a very public seat at the table in a body dedicated to providing global leadership in the fight against what many acti
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Fed joins global climate group in landmark move
The move signals an escalation in the Fed s work to address potential climate risks lurking in the financial system.
Federal Reserve Chairman Jerome Powell listens during a Senate Banking Committee hearing about the quarterly CARES Act report on Capitol Hill. | Susan Walsh-Pool/Getty Images
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The Federal Reserve said Tuesday it has formally joined the Network for Greening the Financial System, an international group of central banks and financial regulators developing rules to address climate risks.
Why it matters: The Fed is the first federal agency to join the group, which also includes the European Central Bank, the Bank of England and the Bank of Japan. The New York Department of Financial Services until now was the only formal member from the U.S.