Federal Reserve exits global climate change regulation group
Published On Jan 17, 2025, 4:45 PM
The Federal Reserve has withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS), stating that the group's activities have grown beyond its legal authority. This organization, which the Fed joined in 2020, aimed to push forward green finance and climate policy across central banks. The Fed emphasized that it does not have the mandate to establish climate change policy, which falls under Congress's jurisdiction. The announcement is made ahead of President-elect Trump's inauguration, who has been critical of climate policies.
Stock Forecasts
ICLN
Negative
The Fed's withdrawal from climate-related regulatory groups may signal a shift away from prioritizing climate risk in financial oversight, which could affect investments in green technologies or sustainable practices. Investors in green finance or sustainable investments should consider the potential for decreased government support at the regulatory level.
Related News
Biden bans offshore drilling across huge area of US before Trump takes office
Jan 6, 2025, 5:21 AM
The ban covering most of America's coastline comes two weeks before Donald Trump's inauguration ceremony.
US Chamber of Commerce, oil group sue Vermont over law requiring companies to pay for climate change damage
Jan 4, 2025, 5:53 AM
A lawsuit was filed against Vermont over its new law requiring that fossil fuel companies pay a share of the damage caused by climate change.
Biden to Ban More Offshore Oil Drilling Before Trump Arrives
Jan 2, 2025, 5:19 PM
(Bloomberg) -- President Joe Biden is preparing to issue a decree permanently banning new offshore oil and gas development in some US coastal waters, locking in difficult-to-revoke protections during his final weeks in the White House.Most Read from BloombergIs This Weird Dome the Future of Watching Sports?NYPD Seeking Gunmen After 10 People Wounded Outside Queens VenueDetroit’s Michigan Central Is the Building Revival Story of 2024Burned Out Parents Need Better Public SpacesA Commuting Resoluti