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Fed Exits Climate Network Ahead of Trump Inauguration

1/18/2025

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Summary

Story summary

In a significant move, the Federal Reserve exited a climate-focused financial network just ahead of President-elect Donald Trump's inauguration. Launched in December 2020, the initiative sought to tackle climate risks in the financial sector. While Democrats championed the Fed's participation, Republicans condemned it as an overreach that could hinder lending to fossil fuel industries.

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Story summary

In a significant move, the Federal Reserve exited a climate-focused financial network just ahead of President-elect Donald Trump's inauguration. Launched in December 2020, the initiative sought to tackle climate risks in the financial sector. While Democrats championed the Fed's participation, Republicans condemned it as an overreach that could hinder lending to fossil fuel industries.