Four of Canada's biggest lenders said on Friday they were withdrawing from a global banking sector climate coalition, joining six major U.S. banks.

The Federal Reserve has withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System, a global coalition of central banks engaged in the study of climate risk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 is withdrawing from an environmental group for global central bankers. The Fed joined the group, the Network of Central Banks and Supervisors for Greening the Financial System, in

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.