Overview

• 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.