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Photo Illustration: Sarah Grillo/Axios. Photos by Win McNamee, Alex Wong, Horacio Villalobos - Corbis/Corbis, Oliver Douliery/AFP, and Noam Galai Via Getty Images

The world's top economic institutions are going deeper in the fight against climate change, and central banks are re-evaluating policies and pushing new principles to integrate climate-related risks into financial supervision, leaving the U.S. behind.

On one side: The effects of climate change are everywhere, European Central Bank chief economist Philip Lane said during the IMF's fall meetings last week.

  • "Every sector will be affected … it’s absolutely core to central banking."
  • "To deliver our core mandate we absolutely have to be involved," Lane added.

That sentiment has been backed strongly by ECB chief Mario Draghi as well as Bank of England President Mark Carney, who's organized a coalition of 46 central banks and regulators called the Network for Greening the Financial System (NGFS). Last week the network published a technical guide to help its members weave sustainability into portfolio management.

On the other side: President Trump yanked the U.S. out of the Paris climate agreement and his administration announced "climate change will not be on the agenda" at the June G7 meeting.

  • Fed chair Jay Powell called climate change "an absolute first-order issue" in a speech earlier this month, but said it was not clear to him if it's "a first order of business for central banks."
  • The Fed and Bank of Brazil are the only major central banks not taking part in NGFS.

The big picture: While the IMF and World Bank have for years examined climate and pushed for carbon pricing, the institutions are getting more active — substantively and symbolically.

  • A senior IMF official tells Reuters that the fund is looking at how much climate-related risks are priced into market valuations.
  • "We are going to look at stock markets country by country, then by sector,” said Tobias Adrian, who heads IMF's monetary and capital markets department.
  • And as the Financial Times notes, new IMF managing director Kristalina Georgieva announced that the organization “is gearing up very rapidly to integrate climate risks into our surveillance work."
  • "For the IMF, we always look at risks, and [climate change] is now a category of risk that absolutely has to be front and center in our work," she said.

Go Deeper:

Go deeper

Neera Tanden withdraws nomination for Office of Management and Budget director

Neera Tanden testifying before the Senate Budget Committee in Washington, D.C., in February 2021. Photo: Anna Moneymaker/The New York Times/Bloomberg via Getty Images

Neera Tanden withdrew her name from nomination to lead the Office of Management and Budget after several senators voiced opposition and concern about her qualifications and past combative tweets, President Biden announced Tuesday.

Why it matters: Tanden’s decision to pull her nomination marks Biden's first setback in filling out his Cabinet with a thin Democratic majority in the Senate.

What's ahead for the newest female CEOs

Jane Fraser (L) and Rosalind Brewer. Photos: Jason Redmond/AFP via Getty Images; Rodrigo Capote/Bloomberg via Getty Images.

The number of women at the helm of America’s biggest companies pales in comparison to men, but is newly growing — and their tasks are huge.

What's going on: Jane Fraser took over at Citigroup this week, the first woman to ever lead a major U.S. bank. Rosalind Brewer will take the reins at Walgreens in the coming weeks (March 15) — a company that's been run by white men for more than a century.

3 hours ago - Health

Biden says U.S. will have enough vaccines for 300 million adults by end of May

President Biden. Photo: Anna Moneymaker-Pool/Getty Images

President Biden on Tuesday said that ramped-up coronavirus vaccine production will provide enough doses for 300 million Americans by the end May.

Why it matters: That's two months sooner than Biden's previous promise of enough vaccines for all American adults by the end of July.

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