US regulators are calling on the world’s financial rulemakers to downgrade a flagship project to tackle the risks of climate change in the latest sign of America’s retreat from environmental causes since Donald Trump became president.
Top officials at US financial watchdogs are seeking to weaken the power of a high-level task force set up in 2020 to examine climate change risks to the financial system by the Basel Committee on Banking Supervision, the standard-setter for global financial regulation.
The proposal to dilute the Basel committee’s task force is on the agenda for a meeting of the world’s top central bank governors and financial supervisors on Monday, according to three people briefed on the matter.
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