Federal Reserve Withdraws From Global Climate Group as Trump Set to Assume Office

Five Federal Reserve officials, including chair Jerome Powell, voted for the withdrawal, while two officials did not vote.

Federal Reserve Board Chairman Jerome Powell speaks during a press conference following a meeting of the Federal Open Market Committee at the Federal Reserve in Washington, on Dec. 18, 2024. Alex Wong/Getty Images

The U.S. Federal Reserve is exiting a global climate change coalition days before the new Trump administration is set to take power on Jan. 20.

The Federal Reserve had joined the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) in December 2020. NGFS, composed of global central banks and supervisors, aims to integrate climate and environmental risk management into the financial sector and mobilize “finance to support the transition toward a sustainable economy,” according to the group’s website. On Friday, the Federal Reserve announced its withdrawal from the 143-member coalition.