Fed blocks tough global climate rules for US banks

Differing opinions: A euro symbol at the ECB headquarters in Frankfurt, Germany. The European central bank has been an avid supporter of more stringent climate requirements while US regulators have been more cautious in their approach. — Bloomberg

LONDON: US regulators, led by the US Federal Reserve (Fed), have thwarted a push to make climate risk a focus of global financial rules, according to people familiar with the matter.

European central bankers have been advocating for the Basel Committee on Banking Supervision to agree on requiring lenders to disclose their strategies for meeting green commitments.