US Treasury Secretary Janet Yellen said on the 21st that he would take all possible steps to tackle climate change issues aggressively, and failure to work efficiently and swiftly would undermine economic growth. He acknowledged that there was a risk.
In a speech at the Institute of International Finance (IIF), Yellen emphasized that “bold and urgent action is needed” to align the US economy with international goals for reducing carbon emissions. In addition, the public sector is in the area of facilitating the shift of greenhouse gas emissions to virtually zero and strengthening the functioning of the financial system so that workers, investors and businesses can seize the opportunities of responding to climate change. We are committed to directing our investment. “
Companies with ambitious carbon emission reduction targets have already helped financial institutions manage climate change-related risks and said they are supporting the transition to a low-carbon economy.
Yellen said these commitments by businesses would be in line with the Biden administration’s policy goals, helping financial institutions manage risk and sending a powerful message to global financial markets.
President Biden will host the Climate Change Summit from the 22nd. Leaders from 40 countries around the world are expected to attend.
Yellen said responding to climate change was an “immeasurable challenge” and emphasized that “close cooperation between countries is needed to address the intrinsic risks to the planet.”
He said the Financial Stability Oversight Council (FSOC) will be the main institution to scrutinize and supervise the financial risks associated with climate change and take appropriate action to mitigate those risks as needed.