Fed Considers Joining Green Central Bank Group

Jan 30, 2020

The Federal Reserve is considering membership in a new group of central banks focused on combating climate change and focusing on its threat to global economies.

According to a Bloomberg report, Fed Chairman Jerome Powell said officials from the central bank have attended meetings of the Network for Greening the Financial System, which consist of approximately 50 central banks and other institutions. During a press conference yesterday to comment on the latest Federal Open Market Committee meeting, Powell acknowledged the Fed might join “at some point.”

“Is there a system-wide financial stability risk?” he said. “Over the longer term, it’s certainly possible and I would say that feeds into the way we’re thinking about climate change as an institution … The public has every right to expect, and will expect, that we will assure that the financial system is resilient and robust against the risks of climate change.”

In November, the Fed signaled the possibility that climate change risk might be integrated into determining the state of financial stability and future monetary policy decisions.

“To fulfill our core responsibilities, it will be important for the Federal Reserve to study the implications of climate change for the economy and the financial system and to adapt our work accordingly,” said Fed Governor Lael Brainard, adding that the Fed will "need to consider how to keep banks and the financial system safe from climate-induced risks including extreme weather, higher temperatures and rising sea levels."

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Phil Hall

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Jan 30, 2020

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