The Federal Reserve announced that it has withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System, which incorporated climate risk into financial rules.

The Federal Reserve has withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System, a global coalition of central banks engaged in the study of climate risk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 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 Fed's membership has been criticized by Republicans in Congress.

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

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.