(Finance) – The Federal Reservethe US central bank, announced that it had retreat by 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 expanded, covering a wider range of issues that fall outside the statutory mandate“, we read in a note.
The NGFS, launched at One Planet Paris Summit on December 12th 2017is a group of central banks and supervisors who wish, on a voluntary basis, to share best practices and contribute to the development of environmental and climate risk management in the financial sector and to mobilize traditional finance to support the transition to a sustainable economy .
As of December 10, 2024, the NGFS consists of 144 members from over 90 countries and 21 observatories, it says on its website.