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Investing.com -- In a recent development, the Federal Deposit Insurance Corporation (FDIC) has officially parted ways with the Network of Central Banks and Supervisors for Greening the Financial System (NGFS). The decision was made effective today.
The FDIC's decision to exit the network comes as the activities of the NGFS do not fall within the FDIC's jurisdiction and mandate. As a result, the FDIC has chosen to retract its participation from the NGFS.
The NGFS is a network of central banks and supervisors aimed at accelerating the scaling-up of green finance and developing environmental and climate risk management in the financial sector. The FDIC, a United States government corporation providing deposit insurance to depositors in U.S. commercial banks and savings institutions, found its role and responsibilities not aligning with the work of the NGFS, leading to its withdrawal.
The FDIC's withdrawal from the NGFS marks a significant shift in its approach towards green finance and its role in the financial system. This development could potentially impact the FDIC's future involvement in environmental and climate risk management within the financial sector.
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