Trump, the Fed and climate’s undeniable systemic risk
Experts disagree on the impact of the Fed’s withdrawal from the NGFS but are united about climate change’s devastating effect on the financial system
The Federal Reserve withdrew from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) on January 17, one day before US president Donald Trump’s second term began. The Fed’s withdrawal raised questions about the importance of global co-ordination on climate action, the Fed’s mandate and its independence, the systemic nature of climate risks and how Trump’s second term will shape the financial system.
Ten academics and former policy-makers Central Banking spoke
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