The U.S. Treasury Department on Friday announced it is withdrawing from a coalition of global central banks and supervisors focused on climate finance, citing President Donald Trump’s executive orders prioritizing American energy and jobs.
The Federal Insurance Office, part of the Treasury Department, formally notified the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) of the U.S. withdrawal, according to a Treasury press release.
The NGFS was established to coordinate climate-related financial policies and advance the goals of the Paris Agreement. The United States had already exited that accord, and officials said NGFS activities do not align with the Trump administration’s economic priorities.
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