The Federal Reserve announced that it has withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System, which incorporated climate risk into financial rules.

The Federal Reserve has withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System, a global coalition of central banks engaged in the study of climate risk that was launched in 2017.

The central bank said it had decided to leave the network after the group’s work “increasingly broadened in scope.”

The Federal Reserve is withdrawing from an environmental group for global central bankers. The Fed joined the group, the Network of Central Banks and Supervisors for Greening the Financial System, in