The Network for Greening the Financial System (NGFS) published a membership announcement noting that the US Federal Reserve Board has withdrawn from the Network. NGFS stated it regrets but respects the decision to leave its “coalition of the willing”. The Federal Reserve Board joined the NGFS as its 96th member, three years after the Network was established, and was not a member of the NGFS Steering Committee nor a lead on any workstream. NGFS reported it has 143 members, is chaired by Sabine Mauderer of the Deutsche Bundesbank with Vice-Chair Fundi Tshazibana of the Reserve Bank of South Africa, and is supported by a 20-person international Secretariat hosted by the Banque de France in Paris. NGFS highlighted recent flagship publications including its report on climate change, the macroeconomy and monetary policy (October 2024) and its Long Term Climate Scenarios (November 2024). It also indicated that, in 2025, it will produce its first vintage of short-term scenarios and has been tasked by the 2025 G20 Presidency with work on better accounting for adaptation in transition planning.
Network for Greening the Financial System 2025-01-17
Network for Greening the Financial System notes the US Federal Reserve Board’s withdrawal from membership
The Network for Greening the Financial System announced the withdrawal of the US Federal Reserve Board from its membership, expressing regret but respect for the decision. The NGFS, chaired by Sabine Mauderer, continues with 143 members and plans to release its first short-term climate scenarios in 2025, alongside work on adaptation in transition planning for the G20.