As wildfires in California resulted in almost 40,000 acres burning and tens of thousands of buildings being destroyed, the backslide in global climate politics brazenly continues. Many jurisdictions around the world are battling against the economic impact of intensifying nature catastrophes and extreme weather events, at the same time, climate inaction and sluggish action plague governments. Most recently, the Federal Reserve announced its resignation from the Network for Greening the Financial System (NGFS), a worldwide cooperation of central banks and financial supervisors. Under the auspices of the NGFS, central banks have been working on understanding what the impact of climate inaction looks like for economies all around the world —and more increasingly specifically in the Global South— and how they can enable climate action for financial world and government agencies. In light of Fed’s withdrawal, it is important- now more than ever- to understand what kind of weight global climate cooperation efforts can have in the greening of the financial system.
















