Meanwhile, a globalist climate-investment group shuts down after an exit by BlackRock.
The Federal Reserve announced its withdrawal from the Network of Central Banks and Supervisors for Greening the Financial System .
The NGFS, formed in 2017, is charged with helping central banks and bank supervisors with integrating risks stemming from climate change into their work steering monetary policy and policing the financial system. A spokesperson for the group did not immediately respond to a request for comment. Interestingly, Powell said during a 2022 congressional hearing that direct action on climate change could not come from the Fed but rather from Congress and legislation. This is the first direct action taken by that institution thatHe warned that the Fed should not cross into issues that weren’t directly associated with the mandates assigned by Congress: price stability and full employment.The Federal Reserve just quit a global climate network it joined in late 2020.
This coalition aimed to align financial investments with the nebulous goal of achieving net-zero carbon emissions. Yet, BlackRock’s exit reflects a broader reality: these climate initiatives are not only politically fraught but also deeply misaligned with financial performance and client interests. This complaint was joined by the Attorney Generals of Alabama, Arkansas, Indiana, Iowa, Kansas, Missouri, Montana, Nebraska, West Virginia and Wyoming.
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