Gokhan Ergocun
18 January 2025•Update: 18 January 2025
ISTANBUL
The US Fed announced on Friday that it has withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS).
"While the Board 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 of the Board's statutory mandate," the bank stated.
The network launched in 2017 during the Paris One Planet Summit on a voluntary basis to share "best practices and contribute to the development of environment and climate risk management in the financial sector and to mobilize mainstream finance to support the transition toward a sustainable economy."
The Fed joined the NGFS in 2020, which has more than 160 members and observers.
