{"id":176,"date":"2020-01-30T18:27:34","date_gmt":"2020-01-30T18:27:34","guid":{"rendered":"https:\/\/www.esgtoday.com\/?p=176"},"modified":"2020-01-30T18:27:46","modified_gmt":"2020-01-30T18:27:46","slug":"fed-likely-to-join-worlds-central-banks-coalition-against-climate-change-at-some-point","status":"publish","type":"post","link":"https:\/\/www.esgtoday.com\/fed-likely-to-join-worlds-central-banks-coalition-against-climate-change-at-some-point\/","title":{"rendered":"Fed Likely to Join World\u2019s Central Banks\u2019 Coalition Against Climate Change\u2026 &#8220;At Some Point&#8221;"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Climate change may present risks to financial system<\/h2>\n\n\n\n<p>Following the U.S. Federal Reserve\u2019s January meeting, Fed\nChair Jerome Powell indicated the central bank would consider joining other\ncentral banks\u2019 efforts at combatting climate change\u2026 eventually. <\/p>\n\n\n\n<p>The Network for Greening the Financial System (NGFS) is a\ncoalition of 54 of the world\u2019s major central banks, formed in December 2017,\nwith the purpose of helping to strengthen the global response required to meet\nthe goals of the Paris agreement and to enhance the role of the financial\nsystem to manage risks and to mobilize capital for green and low-carbon\ninvestments in the broader context of environmentally sustainable development.\nTo date, the Fed has not joined.<\/p>\n\n\n\n<p>Asked about the Fed\u2019s reluctance to join, Powell responded, \u201c\u201cWe\u2019ve\nbeen looking at joining in one form or another &#8230; we probably will do that at\nsome point.\u201d While the Fed has yet to join, it has attended all of the NGFS\u2019s\nmeetings, Powell noted.<\/p>\n\n\n\n<p>Asked whether he believed climate change posed a system-wide\nfinancial stability risk, Powell responded, \u201cIt\u2019s certainly possible, and that\nfeeds into the way that we\u2019re thinking about climate change as an institution.\u201d<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Climate fight should be up to elected officials\u2026<\/h3>\n\n\n\n<p>Powell cautioned, however, that the central bank\u2019s role must\nbe limited, leaving the nation\u2019s response up to elected representatives,\nsaying, \u201cSociety\u2019s overall response to climate change needs to be decided by\nelected officials, and not by the Fed.\u201d<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u2026But central banks have a role to play<\/h3>\n\n\n\n<p>That said, Powell acknowledged that the Fed did have a\nresponsibility to ensure the stability of the financial system, which could\nlead to some role in the climate change fight. \u201cThe public has every right to\nexpect and will expect that we will ensure that the financial system is\nresilient and robust against the risks of climate change,\u201d said Powell. <\/p>\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-176\" data-postid=\"176\" class=\"themify_builder_content themify_builder_content-176 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->\n<span class=\"et_bloom_bottom_trigger\"><\/span>","protected":false},"excerpt":{"rendered":"<p>Climate change may present risks to financial system Following the U.S. Federal Reserve\u2019s January meeting, Fed Chair Jerome Powell indicated the central bank would consider joining other central banks\u2019 efforts at combatting climate change\u2026 eventually. The Network for Greening the Financial System (NGFS) is a coalition of 54 of the world\u2019s major central banks, formed [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":177,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[17],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Fed Likely to Join World\u2019s Central Banks\u2019 Coalition Against Climate Change\u2026 &quot;At Some Point&quot; - ESG Today<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.esgtoday.com\/fed-likely-to-join-worlds-central-banks-coalition-against-climate-change-at-some-point\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fed Likely to Join World\u2019s Central Banks\u2019 Coalition Against Climate Change\u2026 &quot;At Some Point&quot; - ESG Today\" \/>\n<meta property=\"og:description\" content=\"Climate change may present risks to financial system Following the U.S. Federal Reserve\u2019s January meeting, Fed Chair Jerome Powell indicated the central bank would consider joining other central banks\u2019 efforts at combatting climate change\u2026 eventually. 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