EDITOR NOTE: In a quiet Federal Reserve announcement yesterday that garnered very little mainstream press, America lost a little bit of its independence as the Fed formally joined the Network of Central Banks and Supervisors for Greening the Financial System. Joining the ranks with the IMF and other countries subscribing to a left-leaning globalist agenda, the US is now part of that “dialogue,” one whose policy implications (and associated costs) remain unclear. Renewable energy may be the technology of the future. But will the effects of a sudden transition hurt Americans in the same way that the Paris Accord might have before President Trump withdrew from it? The cost of a sudden shift toward “greening” the environment comes with high costs, literally, and it's a matter of time before we see how a globalist agenda may look past the individual interests of countries in order to advance a centrist ideology that, in the end, may or may not have a positive global impact.
The Federal Reserve Board announced on Tuesday that it has formally joined the Network of Central Banks and Supervisors for Greening the Financial System, or NGFS, as a member. By bringing together central banks and supervisory authorities from around the world, NGFS supports the exchange of ideas, research, and best practices on the development of environment and climate risk management for the financial sector. The Board began participating in NGFS discussions and activities more than a year ago.
"As we develop our understanding of how best to assess the impact of climate change on the financial system, we look forward to continuing and deepening our discussions with our NGFS colleagues from around the world," said Federal Reserve Board Chair Jerome H. Powell.
Originally posted on Federal Reserve