"Earlier this year, the Federal Reserve Board also resigned from 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, a release from the Fed Board stated. Friday's decision builds upon the Trump administration's broader pullback from climate-related investments in the U.S, policies and involvement in outside groups."
"The U.S. exited the Paris Agreement on Trump's first day in office in 2025, rolling back its pledge to cut greenhouse gas emissions. Trump has criticized the Federal Emergency Management Agency (FEMA) and said he would like to dissolve it. The administration has also reduced staffing at the National Weather Service (NWS) by about 600 employees as part of wider federal workforce cuts."
"Per the NGFS website, the group works as a consensus-based forum, whose purpose is to share best practices on a voluntary basis, contribute to the development of environment and climate risk management in the financial sector, and conduct or commissions analytical work on green finance."
The Federal Reserve Board resigned from the NGFS earlier this year, stating NGFS work had expanded into areas beyond the Board's statutory mandate. The decision reflects a broader Trump administration pullback from climate-related investments, policies, and participation in external groups. The United States exited the Paris Agreement on Trump's first day in office in 2025, reversing its emissions-cutting pledge. The administration has criticized FEMA and indicated interest in dissolving it, and reduced National Weather Service staffing by about 600 employees amid wider federal workforce cuts. The NGFS functions as a consensus-based forum to share voluntary best practices and advance climate risk management and green finance analysis in the financial sector.
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