2 minute read
On Friday afternoon, Federal Housing Finance Agency (FHFA) Director Bill Pulte announced via social media platform X that the FHFA is withdrawing from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS).
NGFS, a coalition of 114 central banks and financial supervisors, was formed in 2017 and launched at the Paris One Planet Summit. The network’s mission is to promote green finance and outline how central banks can address climate change. Its secretariat is based at the Banque de France.
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.”
