Why the Federal Reserve is wrong to quit the NGFS - Grantham Research Institute on climate change and the environment<\/title>\n<meta name=\"description\" content=\"The United States Fed's retreat from the Network for Greening the Financial System signals a worrying neglect of the very real risks that climate change and environmental degradation present for macroeconomic and financial stability, says this CETEx commentary.\" \/>\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.lse.ac.uk\/granthaminstitute\/news\/why-the-federal-reserve-is-wrong-to-quit-the-ngfs\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why the Federal Reserve is wrong to quit the NGFS - Grantham Research Institute on climate change and the environment\" \/>\n<meta property=\"og:description\" content=\"The United States Fed's retreat from the Network for Greening the Financial System signals a worrying neglect of the very real risks that climate change and environmental degradation present for macroeconomic and financial stability, says this CETEx commentary.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lse.ac.uk\/granthaminstitute\/news\/why-the-federal-reserve-is-wrong-to-quit-the-ngfs\/\" \/>\n<meta property=\"og:site_name\" content=\"Grantham Research Institute on climate change and the environment\" \/>\n<meta property=\"article:modified_time\" content=\"2025-01-23T15:00:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lse.ac.uk\/granthaminstitute\/wp-content\/uploads\/2025\/01\/26088280186_0480cc89a0_c.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"799\" \/>\n\t<meta property=\"og:image:height\" content=\"639\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/news\\\/why-the-federal-reserve-is-wrong-to-quit-the-ngfs\\\/\",\"url\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/news\\\/why-the-federal-reserve-is-wrong-to-quit-the-ngfs\\\/\",\"name\":\"Why the Federal Reserve is wrong to quit the NGFS - Grantham Research Institute on climate change and the environment\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/news\\\/why-the-federal-reserve-is-wrong-to-quit-the-ngfs\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/news\\\/why-the-federal-reserve-is-wrong-to-quit-the-ngfs\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/wp-content\\\/uploads\\\/2025\\\/01\\\/26088280186_0480cc89a0_c.jpg\",\"datePublished\":\"2025-01-23T15:00:57+00:00\",\"dateModified\":\"2025-01-23T15:00:58+00:00\",\"description\":\"The United States Fed's retreat from the Network for Greening the Financial System signals a worrying neglect of the very real risks that climate change and environmental degradation present for macroeconomic and financial stability, says this CETEx commentary.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/news\\\/why-the-federal-reserve-is-wrong-to-quit-the-ngfs\\\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/news\\\/why-the-federal-reserve-is-wrong-to-quit-the-ngfs\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/news\\\/why-the-federal-reserve-is-wrong-to-quit-the-ngfs\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/wp-content\\\/uploads\\\/2025\\\/01\\\/26088280186_0480cc89a0_c.jpg\",\"contentUrl\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/wp-content\\\/uploads\\\/2025\\\/01\\\/26088280186_0480cc89a0_c.jpg\",\"width\":799,\"height\":639,\"caption\":\"Photo: Federal Reserve on Flickr\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/news\\\/why-the-federal-reserve-is-wrong-to-quit-the-ngfs\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"News & commentaries\",\"item\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/news-and-commentary\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Commentary\",\"item\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/news-category\\\/20-commentary\\\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"Why the Federal Reserve is wrong to quit the NGFS\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/#website\",\"url\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/\",\"name\":\"Grantham Research Institute on climate change and the environment\",\"description\":\"The Grantham Research Institute at LSE carries out world-class research on climate change and the environment.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-GB\"}]}<\/script>\n","yoast_head_json":{"title":"Why the Federal Reserve is wrong to quit the NGFS - Grantham Research Institute on climate change and the environment","description":"The United States Fed's retreat from the Network for Greening the Financial System signals a worrying neglect of the very real risks that climate change and environmental degradation present for macroeconomic and financial stability, says this CETEx commentary.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.lse.ac.uk\/granthaminstitute\/news\/why-the-federal-reserve-is-wrong-to-quit-the-ngfs\/","og_locale":"en_GB","og_type":"article","og_title":"Why the Federal Reserve is wrong to quit the NGFS - Grantham Research Institute on climate change and the environment","og_description":"The United States Fed's retreat from the Network for Greening the Financial System signals a worrying neglect of the very real risks that climate change and environmental degradation present for macroeconomic and financial stability, says this CETEx commentary.","og_url":"https:\/\/www.lse.ac.uk\/granthaminstitute\/news\/why-the-federal-reserve-is-wrong-to-quit-the-ngfs\/","og_site_name":"Grantham Research Institute on climate change and the environment","article_modified_time":"2025-01-23T15:00:58+00:00","og_image":[{"width":799,"height":639,"url":"https:\/\/www.lse.ac.uk\/granthaminstitute\/wp-content\/uploads\/2025\/01\/26088280186_0480cc89a0_c.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Estimated reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.lse.ac.uk\/granthaminstitute\/news\/why-the-federal-reserve-is-wrong-to-quit-the-ngfs\/","url":"https:\/\/www.lse.ac.uk\/granthaminstitute\/news\/why-the-federal-reserve-is-wrong-to-quit-the-ngfs\/","name":"Why the Federal Reserve is wrong to quit the NGFS - Grantham Research Institute on climate change and the environment","isPartOf":{"@id":"https:\/\/www.lse.ac.uk\/granthaminstitute\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.lse.ac.uk\/granthaminstitute\/news\/why-the-federal-reserve-is-wrong-to-quit-the-ngfs\/#primaryimage"},"image":{"@id":"https:\/\/www.lse.ac.uk\/granthaminstitute\/news\/why-the-federal-reserve-is-wrong-to-quit-the-ngfs\/#primaryimage"},"thumbnailUrl":"https:\/\/www.lse.ac.uk\/granthaminstitute\/wp-content\/uploads\/2025\/01\/26088280186_0480cc89a0_c.jpg","datePublished":"2025-01-23T15:00:57+00:00","dateModified":"2025-01-23T15:00:58+00:00","description":"The United States Fed's retreat from the Network for Greening the Financial System signals a worrying neglect of the very real risks that climate change and environmental degradation present for macroeconomic and financial stability, says this CETEx commentary.","breadcrumb":{"@id":"https:\/\/www.lse.ac.uk\/granthaminstitute\/news\/why-the-federal-reserve-is-wrong-to-quit-the-ngfs\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.lse.ac.uk\/granthaminstitute\/news\/why-the-federal-reserve-is-wrong-to-quit-the-ngfs\/"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.lse.ac.uk\/granthaminstitute\/news\/why-the-federal-reserve-is-wrong-to-quit-the-ngfs\/#primaryimage","url":"https:\/\/www.lse.ac.uk\/granthaminstitute\/wp-content\/uploads\/2025\/01\/26088280186_0480cc89a0_c.jpg","contentUrl":"https:\/\/www.lse.ac.uk\/granthaminstitute\/wp-content\/uploads\/2025\/01\/26088280186_0480cc89a0_c.jpg","width":799,"height":639,"caption":"Photo: Federal Reserve on Flickr"},{"@type":"BreadcrumbList","@id":"https:\/\/www.lse.ac.uk\/granthaminstitute\/news\/why-the-federal-reserve-is-wrong-to-quit-the-ngfs\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.lse.ac.uk\/granthaminstitute\/"},{"@type":"ListItem","position":2,"name":"News & commentaries","item":"https:\/\/www.lse.ac.uk\/granthaminstitute\/news-and-commentary\/"},{"@type":"ListItem","position":3,"name":"Commentary","item":"https:\/\/www.lse.ac.uk\/granthaminstitute\/news-category\/20-commentary\/"},{"@type":"ListItem","position":4,"name":"Why the Federal Reserve is wrong to quit the NGFS"}]},{"@type":"WebSite","@id":"https:\/\/www.lse.ac.uk\/granthaminstitute\/#website","url":"https:\/\/www.lse.ac.uk\/granthaminstitute\/","name":"Grantham Research Institute on climate change and the environment","description":"The Grantham Research Institute at LSE carries out world-class research on climate change and the environment.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.lse.ac.uk\/granthaminstitute\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"}]}},"taxonomies":{"post_tag":["central banks","Federal Reserve","macroeconomics","NGFS","United States"],"news-category":["Commentary"],"topic_area":["Central banks and other financial institutions"]},"featured_image_src":"https:\/\/www.lse.ac.uk\/granthaminstitute\/wp-content\/uploads\/2025\/01\/26088280186_0480cc89a0_c.jpg","_links":{"self":[{"href":"https:\/\/www.lse.ac.uk\/granthaminstitute\/wp-json\/wp\/v2\/news\/76769","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lse.ac.uk\/granthaminstitute\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/www.lse.ac.uk\/granthaminstitute\/wp-json\/wp\/v2\/types\/news"}],"author":[{"embeddable":true,"href":"https:\/\/www.lse.ac.uk\/granthaminstitute\/wp-json\/wp\/v2\/users\/23"}],"version-history":[{"count":1,"href":"https:\/\/www.lse.ac.uk\/granthaminstitute\/wp-json\/wp\/v2\/news\/76769\/revisions"}],"predecessor-version":[{"id":76771,"href":"https:\/\/www.lse.ac.uk\/granthaminstitute\/wp-json\/wp\/v2\/news\/76769\/revisions\/76771"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lse.ac.uk\/granthaminstitute\/wp-json\/wp\/v2\/media\/76770"}],"wp:attachment":[{"href":"https:\/\/www.lse.ac.uk\/granthaminstitute\/wp-json\/wp\/v2\/media?parent=76769"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lse.ac.uk\/granthaminstitute\/wp-json\/wp\/v2\/tags?post=76769"},{"taxonomy":"news-category","embeddable":true,"href":"https:\/\/www.lse.ac.uk\/granthaminstitute\/wp-json\/wp\/v2\/news-category?post=76769"},{"taxonomy":"topic_area","embeddable":true,"href":"https:\/\/www.lse.ac.uk\/granthaminstitute\/wp-json\/wp\/v2\/topic_area?post=76769"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}

{"id":76769,"date":"2025-01-23T15:00:57","date_gmt":"2025-01-23T15:00:57","guid":{"rendered":"https:\/\/www.lse.ac.uk\/granthaminstitute\/?post_type=news&p=76769"},"modified":"2025-01-23T15:00:58","modified_gmt":"2025-01-23T15:00:58","slug":"why-the-federal-reserve-is-wrong-to-quit-the-ngfs","status":"publish","type":"news","link":"https:\/\/www.lse.ac.uk\/granthaminstitute\/news\/why-the-federal-reserve-is-wrong-to-quit-the-ngfs\/","title":{"rendered":"Why the Federal Reserve is wrong to quit the NGFS"},"content":{"rendered":"\n

Retreating from the Network for Greening the Financial System (NGFS), a critical network for greening global finance, signals a worrying neglect of the very real risks that climate change and environmental degradation present for macroeconomic and financial stability in the United States. These are risks that fall squarely within the Fed’s mandate, write Joseph Feyertag and David Barmes in this commentary for the Centre for Economic Transformation Expertise (CETEx).<\/p>\n\n\n\n

External link to commentary

<\/p>\n\n","protected":false},"excerpt":{"rendered":"\n