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Main reason cited for any central bank leaving NGFS by end of 2025?
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Resolution / Starting Odds
Broadening scope beyond mandate • 25%
Political pressure • 25%
Financial constraints • 25%
Other • 25%
Official statements from central banks or the NGFS
Story
Federal Reserve Withdraws from NGFS Climate Coalition, Five Governors Vote in Favor, Barr and Kugler Dissent
Jan 17, 2025, 06:34 PM
The Federal Reserve has announced its withdrawal from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS), a global coalition focused on climate and transition risks for the financial sector. The decision was made with five governors voting in favor of leaving, while Michael Barr and Adriana Kugler dissented. The Fed cited that the NGFS's broadened scope now falls outside its statutory mandate. The NGFS, launched in 2017, has been a platform for central banks to study climate risk.
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Statutory mandate concerns • 25%
Other • 25%
Political pressure • 25%
Operational scope differences • 25%
Scope Beyond Mandate • 25%
Political Pressure • 25%
Internal Disagreements • 25%
Other • 25%
Other • 25%
European Central Bank • 25%
Bank of England • 25%
Bank of Japan • 25%
Resource allocation • 25%
Other • 25%
Broadening scope of NGFS • 25%
Political pressure • 25%
Other • 25%
Bank of England • 25%
European Central Bank • 25%
Bank of Japan • 25%
Join a different climate-focused coalition • 25%
No significant change in climate policy stance • 25%
Strengthen internal climate policies independently • 25%
Rejoin NGFS • 25%
Largely indifferent • 25%
Mixed reactions • 25%
Predominantly negative • 25%
Predominantly positive • 25%
Legal concerns • 25%
Political pressure • 25%
Financial considerations • 25%
Other • 25%
Economic growth • 25%
Global economic conditions • 25%
Inflation concerns • 25%
Currency strength • 25%