Federal Reserve Bank officials said the decision to leave the network came after the group’s work had “increasingly broadened in scope.”

The U.S. Federal Reserve announced on Friday it had withdrawn from a global body of central banks and regulators devoted to exploring ways to police climate risk in the financial system.

The Federal Reserve announced on Friday it had withdrawn from a global body of central banks and regulators devoted to exploring ways to police climate risk in the financial system. In a statement, the Fed said it was exiting the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) because its increasingly broadened scope had fallen outside the Fed's statutory mandate.

The Federal Reserve confirmed its departure from a global assembly of central banks and regulators committed to investigating methods of managing climate risk in the financial system. The announcement was made on Friday.

The Federal Reserve has withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System, a global coalition of central banks engaged in the study of climate risk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