Federal Reserve exits global climate change regulation group

[xuenchen]

Here's another good one!

The U.S. Federal Reserve (Central Bank) has all of a sudden decided to exit The (NWO GLOBAL) Network of Central Banks and Supervisors for Greening the Financial System (NGFS)!

The "Board" voted to leave citing a reason of The Network's activities exceeding the scope of the Fed's legal authority.   WHAT?

I wonder how long that "exceeding the scope of the Fed's legal authority" has been apparent? 

So why now? Well maybe it's Trump! 

Hey just what were they doing anyway? How much has The FED spent on this? Hmmm.

Federal Reserve exits global climate change regulation group

 
The Federal Reserve on Friday announced that it has withdrawn from a global climate change regulation group due to its activities exceeding the scope of the Fed's legal authority.
 
The Fed exited the Network of Central Banks and Supervisors for Greening the Financial System (NGFS), which was created in 2017 to help facilitate the advancement of green finance and climate policy. The group develops policy recommendations for central banks and financial regulators to take a role in the fight against climate change by incorporating climate risks into their oversight work.
 
In 2020, the Federal Reserve joined the NGFS as a permanent member, and the organization had more than 100 central banks and financial regulators as members.
"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," the Board said in a statement.
 

[Bootless]

Hey just what were they doing anyway? How much has The FED spent on this? Hmmm.

Not much, evidently.
From the NGFS announcement:

The NGFS takes note of the withdrawal of the US Federal Reserve Board from its membership. The NGFS regrets but respects this decision to leave its “coalition of the willing“. The Fed was the 96th member to join the Network, three years after the NGFS was established. The Fed was not a member of the NGFS Steering Committee, nor leading any workstream.
https://www.ngfs.net/en/press-release/ng...nouncement

Seems like they were observers more than anything else.

From their pdf document:

Current policies remain insufficient to mitigate market failures associated with climate change, which are translating into sizeable costs for the global economy. Annual global damages from weather-related hazards have more than doubled in real terms in the past twenty years and are already affecting economic activity (Banerjee et al., 2023). To mitigate these impacts, over 190 countries have signed the Paris Agreement to limit global warming while enhancing their resilience. Policy actions to meet the Agreement affect economic outcomes in both the short and long term. The IPCC and the International Energy Agency (IEA) indicate that there is still a gap between policy actions announced to date and what is required to meet the pledges made under the Paris Agreement. If this gap is not addressed the physical impacts of climate change will worsen (IEA, 2023; IPCC, 2021). This could prompt governments to make major and sudden policy changes to decarbonise, which could have abrupt and large economic impacts further ahead.
...
Central banks are not the experts on climate science. Instead, they are focused on how climate change affects the economy and the financial system, and therefore the achievement of their statutory objectives. On the policies needed to mitigate climate change, it is governments, not central banks, that are in the driving seat. However, these policies will have economic impacts that need to be factored in, including where there is uncertainty about the path for these policies, as this can also affect economic behaviour. While central bank mandates across the NGFS membership vary, one key aspect that unites all central banks is that as the impact of climate change and of the policies enacted to address it increases, it becomes an increasingly relevant consideration for monetary policy

https://www.ngfs.net/system/files/import...pdf#_blank

If the U.S. position is going to be that climate change is a hoax, then why bother observing how other central banks plan ahead?

[xuenchen]

from Bootless:
If the U.S. position is going to be that climate change is a hoax, then why bother observing how other central banks plan ahead?

Maybe to see how other central banks will be planning their sabotage efforts?