The U.S. Federal Reserve announced on Friday it had withdrawn from a global body of central banks and regulators devoted to exploring ways to police climate risk in the financial system.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

The central bank said it had decided to leave the network after the group’s work “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.