U.S. Treasury Withdraws from Global Climate Finance Coalition

The Trump administration cites economic priorities and job growth as reasons for exiting the Network of Central Banks and Supervisors for Greening the Financial System.

• The U.S. Treasury Department announced its withdrawal from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS), a global climate-focused financial coalition.
• The Trump administration stated that the coalition's goals, aligned with the Paris Climate Agreement, conflict with its priorities to grow the U.S. economy and create jobs.
• The NGFS, launched in 2017, has grown to include over 160 members globally and aims to address climate risks within the financial system.
• This withdrawal follows other recent actions by the Trump administration to roll back climate-related policies, including terminating the Green New Deal and rescinding international climate finance initiatives.
• Major U.S. financial regulators, including the Federal Reserve and FDIC, have also exited the NGFS, citing misalignment with their statutory mandates.

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