💨 Abstract

The U.S. Federal Reserve has withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS), a global body exploring ways to address climate risk in the financial system. The Fed exited due to the group's expanding scope going beyond its statutory mandate. The decision comes days before President-elect Trump takes office, who has been critical of government-led climate change policies.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖