A global effort by central banks to join the fight against climate change has hit a major hurdle with the U.S. Federal Reserve's decision to leave a club devoted to policing environmental risk in finance.

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

The Federal Reserve has withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System, a global coalition of central banks engaged in the study of climate risk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 U.S. central bank faces no imminent pressure to stop the contraction of its holdings of Treasury bonds and mortgage-backed securities, data released by the New York Federal Reserve suggested on Thursday.

The Federal Reserve said Friday that it is leaving an international grouping of central banks that focused on how the financial system could help combat climate change

The U.S. Federal Reserve announced on Friday it had withdrawn from a global body of central banks and regulators devoted to exploring ways to police climate risk in the financial system.

The Federal Reserve said on Friday that it will quit a group dedicated to addressing the risk climate change poses to the global financial system. Why it matters: The Fed's exit from the coalition suggests a huge pivot underway relative to years past.